Technical analysis

EURAUD Wave Analysis – 24 August, 2022

EURAUD Wave Analysis – 24 August, 2022

• EURAUD reversed from support level 1.4370

• Likely to rise to resistance level 1.4600

EURAUD currency pair recently reversed up from the support level 1.4370 (which stopped the sharp downtrend in April) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.4370.10 stopped the previous short-term downward impulse wave 3, which belongs to wave (3) from the start of August.

Given the clear bullish divergence on the daily Stochastic, EURAUD currency can be expected to rise further toward the next resistance level 1.4600.

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