EUR/AUD: sell target - 1.5200
By: Dmitriy Chernovolov
- EUR/AUD falling inside primary impulse wave ③
- Next sell target - 1.5200
EUR/AUD continues to fall inside the 3rd primary impulse wave ③ - which started earlier – when the pair reversed down sharply from the resistance zone lying between the resistance levels 1.6000 and 1.6200 (which reversed earlier intermediate correction (2)). This resistance zone was strengthened by the upper daily Bollinger Band and by the two trendlines belonging to 2 different-length daily up channels, as can be seen below.
EUR/AUD is currently approaching the support zone near the support level 1.5340 (which earlier reversed the price twice in this month, as can be seen below). If the pair breaks below the support level 1.5340 – the price can then fall to the next sell target 1.5200.