EUR/AUD: buy target - 1.4760
By: Dmitriy Chernovolov
- EUR/AUD reversed from pivotal support level 1.4440
- Next buy target - 1.4760
EUR/AUD continues to rise after the recent upward reversal from the pivotal support level 1.4440 (which has been reversing the price from the middle of June, as you can see below). The support zone near 1.4440 was strengthened by the lower daily Bollinger Band, the support trendline of the daily up channel from April and by the 38.2% Fibonacci Correction of the previous upward impulse from May.
EUR/AUD is likely to rise further toward the next buy target at the resistance level 1.4760 (which stopped the previous intermediate correction (2) in June).