Technical analysis

EURAUD Wave Analysis 3 August 2023

– EURAUD reversed from resistance level 1.6765

– Likely to fall to support at 1.6600

EURAUD currency pair recently reversed down from the powerful, multi-month resistance level 1.6765, which stopped the clear daily uptrend in last April.

The resistance level 1.6765 stands above the upper daily Bollinger Band – which strengthened it.

Given the continued yen positivity seen across the FX markets today, EURAUD can be expected to fall further toward the next support at 1.6600 (former monthly high from last month).

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