EUR/AUD Long-Term Trend: Bearish
Key Resistance Levels: 1.58525, 1.58796, 1.59009
Key Support Levels: 1.57468, 1.57175, 1.56883
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.
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.
Buy limit Order @ 1.57447
TP 1 @ 1.58192
TP 2 @ 1.58951
Stop Loss @ 1.56950
Trade Safely 🙂