FX:EURAUD   Euro / Australian Dollar
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2
The pair has made a clean Kumo Cloud breakout with a retest
of the cloud on Dec 4. It has also broken above SMA200 and
breached the Monthly R1 at 1,5075.The rally is strong and doesn't
show any signs of weakening yet. The 50% Fib of the whole downswing
at 1,5120 has paused the action shortly but seems unable to
hold PA and cause any deeper bounce. Next Resistance is the
Yearly R1 at 1,5225, which is a big level. The strong move suggest
that the 61,8 Fib is the next target at 1.5465.
Note that the current low at 1,4345 were price left behind (failed
reaching) Yearly S1 at 1,4285 was the lower the lower Kumo Cloud on Weekly Timeframe .
So a bullish position will also have a Bullish Weekly Ichimoku signal to work with.
Dec 2014 high is 1,5330 and the Weekly Kijun Sen at 1,5450, just below the 61,8 Fib.

Comments

1,5225 just hit, is not the Yearly but the Monthly R1.
Reply
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