Technical analysis of NZD/CHF
EUR/AUD reversed from support area
- EUR/AUD reversed from support area
- Next buy target - 1.6160
EUR/AUD recently reversed up from the support zone lying between the support level 1.5860 (which reversed the previous wave (iv)), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer. EUR/AUD is expected to rise toward the next buy target at next resistance level 1.6160 (high of the previous impulse 1).
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.