Technical analysis

EURAUD Wave Analysis 4 January 2024

– EURAUD reversed from support level 1.6155

– Likely to rise to resistance level 1.6465

EURAUD recently reversed up from the key support level 1.6155 (which reversed the price multiple times from the middle of December).

The support level 1.6155 was strengthened by the lower daily Bollinger Band and by the support trendline of the weekly down channel from August.

Given the strength of the support level 1.6155, EURAUD can be expected to rise further to the next resistance level 1.6465 (former double top from December).

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