The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
EUR/AUD approached strong resistance level 1.5225
- EUR/AUD approached strong resistance level 1.5225
- Next buy target - 1.5400
EUR/AUD has been rising sharply in the last few trading sessions inside the minor impulse waves (iii) and 3 – both of which belong to the intermediate impulse wave (3) from the middle of July. The price earlier broke the resistance trendline of the daily Triage from June – which strengthened the bullish pressure on this currency pair. The pair is currently trading close to the strong resistance level 1.5225. If the pair breaks above 1.5225 - EUR/AUD can then rise to the next buy target at the next resistance level 1.5400.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.