EURAUD Wave Analysis 18 September, 2020

• EURAUD reversed from support zone

• Likely to rise to 1.6400

EURAUD recently reversed up from the support zone located between the powerful support level 1.6125 (which has been reversing the price from the middle of July) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous short-term impulse waves 3 and (1).

Given the clear bullish divergence on the daily Stochastic indicator – EURAUD is likely to rise further toward the next resistance level 1.6400 (which stopped the previous correction 2).