EUR/AUD broke resistance zone

EUR/AUD broke resistance zone

  • EUR/AUD broke resistance zone
  • Next buy target - 1.4400

EUR/AUD continues to rise after the earlier breakout of the combined resistance zone lying between the resistance level 1.4180 (which stopped the previous sharp (a)-wave earlier this month), the 100-day moving average, resistance trendline of the wide daily down channel from 2016 and the 50% Fibonacci correction of the previous sharp minor impulse wave (i) from December.

EUR/AUD is expected to rise further in the active minor ABC correction (ii) toward the next buy target at the resistance level 1.4400.



Morning brief for May 30

 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…

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