Technical analysis

EURAUD Wave Analysis – 3 April 2023


• EURAUD reversed from resistance level 1.6235

• Likely to fall to support level 1.5880

EURAUD recently reversed down from the major resistance level 1.6235 (which has been reversing the price from the middle of 2021, as can be seen below)

The resistance level 1.6235 was strengthened by the upper weekly and the daily Bollinger Band.

Given the overbought weekly Stochastic indicator, EURAUD can then be expected to fall toward the next support level 1.5880 (former resistance from the end of 2022).

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