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EUR/AUD| Potential short term bullish play

EUR/AUD Long-Term Trend: Bearish

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Key Resistance Levels: 1.58525, 1.58796, 1.59009

Key Support Levels: 1.57468, 1.57175, 1.56883

4-Hour Chart:

EURAUD seems to be facing massive resistance off of the resistance trend line. If this holds, we can expect more downside. However, we have traded down to a support area, and may now see a push to test the trend line and maybe even the resistance area above.

EUR/AUDMedium-Term Trend:Bullish

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1-Hour Chart:

We have what may turn into a 5-wave Elliot’s wave count. So far we have seen what may be a 1234-count, and may make a play for a final 5th wave completion. If so, we expect to find support in the box below before we make a play for the bull side once again.

Signal Idea:

Buy limit Order @ 1.57447

TP 1 @ 1.58192

TP 2 @ 1.58951

Stop Loss @ 1.56950

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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