EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/AUD rising inside minor impulse wave (iii)
2019-11-11 • Updated
- EUR/AUD rising inside minor impulse wave (iii)
- Next buy target - 1.5380
EUR/AUD has been rising in the last few trading sessions inside the minor impulse wave (iii) which started from the support zone lying between the key support level 1.5100 the 61.8% Fibonacci correction of the previous sharp upward impulse from the middle of October. The active impulse wave (iii) belongs to the intermediate impulse wave (3) from September. EUR/AUD is expected to rise further to the next buy target at the next resistance level 1.5380 (top of impulse (i)).
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances