Technical analysis

EURAUD Wave Analysis 12 December 2023

– EURAUD reversed from key support level 1.6300

– Likely to rise to resistance level 1.6500

EURAUD currency pair recently reversed up from the key support level 1.6300 intersecting with the lower daily Bollinger Band and the support trendline of the weekly down channel from August.

The upward reversal from the support level 1.6300 stopped the previous impulse waves iii and 3.

Given the bullish divergence on the daily Stochastic, EURAUD currency pair can be expected to rise further to the next resistance level 1.650 (which stopped the earlier minor correction ii).

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