Technical analysis

EURAUD Wave Analysis 18 September 2023

– EURAUD reversed from support level 1.6535

– Likely to rise to resistance level 1.6800

EURAUD currency pair recently reversed up from the support level 1.6535 (former resistance from May, June and July) intersecting with the lower daily Bollinger Band and the support trendline of the daily down channel from August.

The upward reversal from the support level 1.6535 stopped the previous short-term impulse wave 3.

Given the clear daily uptrend, EURAUD currency pair can be expected to rise further toward the next resistance level 1.6800.

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