EURAUD Wave Analysis – 24 September , 2018

• EURAUD reversed from support zone
• Further gains are likely

EURAUD recently reversed up from the support zone lying between the key support level 1.6060 (low of the previous wave (iv)) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of August.

The upward reversal from this support area continues the active short-term impulse wave 3, which belongs to the medium-term impulse wave (C) from the start of June.

EURAUD is expected to rise further and retest the next resistance level 1.6340 (top of the previous minor impulse wave (i) from the start of September).