EUR/AUD has been trading inside this falling channel for a while now. Looking at the daily chart, we can clearly see that EUR/AUD finished 5 waves down and started its correction to the upside, so we expect EUR/AUD to break the channel with wave C and possibly cause a trend reversal. Plus, using the Fibonacci Retracement tool, you can see that the price reached the 78.6% Fibonacci level at (1.53438) and started retracing back up.
As a first target, we should always aim for the previous wave 4 at (1.59186), as according to the Elliott waves principle, the previous wave 4 is known to be a very critical level.
Also, AUD/USD has been showing more weakness than EUR/USD when the DXY started soaring last week as AUD/USD has been dropping heavily compared to EUR/USD which was moving in a more corrective matter.
As a first target, we should always aim for the previous wave 4 at (1.59186), as according to the Elliott waves principle, the previous wave 4 is known to be a very critical level.
Also, AUD/USD has been showing more weakness than EUR/USD when the DXY started soaring last week as AUD/USD has been dropping heavily compared to EUR/USD which was moving in a more corrective matter.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.