EUR/AUD: buy target – 1.4750
By: Dima Chernovolov
- EUR/AUD reversed from support zone
- Next buy target – 1.4750
EUR/AUD recently reversed up from the support zone lying between the support level 1.4440 (former strong resistance level which stopped and reversed the sharp intermediate corrective wave (4) in April, as you can see below) and the 38.2% Fibonacci Correction of the previous sharp upward impulse from the end of May. The pair formed two daily Dojis (Japanese candlestick reversal patterns) near this support zone.
EUR/AUD is likely to rise further toward the next buy target at the resistance level 1.4750 (which stopped the previous intermediate (A)-wave).