Potential reversal zone (PRZ) – 1.4715
EUR/AUD has retreated after making a high of 1.5180 and is currently trading at 1.47350.
On the higher side minor resistance is around 1.4750 (3 day 4 H ) and any break above would extend gains still 1.4780/1.4810/1.4835.
The pair’s major support is around 1.4715 and break below will drag the pair further down till 1.4700/1.4650 in short term.
It is good to buy at dips around 1.4720-25 with SL around 1.4675 for the TP of 1.4810/1.4835.
The in my former Analysis mentioned supportlevel @ 1,4955 is broken. The Pair has reached very fast its trendchanels bottom. This is the level to watch!
When swingtrader will buy the weakness (3?) and can break the ultrashortterm downtrend (mangenta line) it will be possible, that we will aim the last High ("2" @ 1,5255)
- If the Pair can break this Level we possible see a new High (2?) @ the trendchannels upper edge @ 1,558
- When the last valid "3" gets hurt, the shortterm short-szenario will go on. The next TP would be 1,4425
- Trading below this Level @ 1,4425 can be seen as a BIG SHORTSIGNAL, then the main trend is broken.