Technical analysis

EURAUD Wave Analysis – 26 August, 2021

• EURAUD reversed from support zone

• Likely to rise to resistance level 1,6400

EURAUD recently reversed up from the support zone located between the support level 1.617 (pervious monthly high from July), and the 50% Fibonacci correction of the previous sharp upward impulse wave (v).

The upward reversal from this support zone stopped the previous short-term impulse wave 1, which belongs to wave (C) from the middle of August.

Given the prevailing uptrend, EURAUD can be expected to rise further toward the next resistance level 1,6400.

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