
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
2019-11-11 • Updated
EUR/AUD broke strong resistance level 1.5060
Next buy target - 1.5060E
EUR/AUD has been under strong bullish pressure lately – after the earlier breakout of the strong, multi-month resistance level 1.5060 (which also reversed the previous indeterminate correction (2) in September of 2016, as can be seen from the daily EUR/AUD chart below). The breakout of this resistance level accelerated the active minor impulse waves (iii) and 5 – both of which belong to the intermediate impulse wave (C) from March.EUR/AUD is expected to rise to the next buy target at the next resistance level 1.5300. Strong support now stands at the aforementioned price level 1.5060.
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
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