EURAUD Wave Analysis – 12 May, 2020

• EURAUD under bullish pressure
• Likely to rise to 1.7000

EURAUD under bullish pressure after the earlier upward reversal from the support zone located between the key support level 1.6595 (former monthly high from January) and the lower daily Bollinger Band.

The upward reversal from this support area started the active impulse sequence 1 – which is a part of the medium-term impulse wave (1).

Given the clear bullish divergence on the daily Stochastic – EURAUD is expected to rise further toward the next resistance level 1.7000 (target price for the completion of the active sub-impulse (i)).