Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURAUD

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