Early June we shared an idea on EURAUD short term downside towards 1.4732 area (www.tradingview.com/...Short-Term-downside/).
After hitting that area and completing the short term correction, we are now expecting price to move higher towards 1.5230 area to complete the overall 5-wave structure.
Here are some reasons for me to have a bullish bias on EURAUD -
1) Price development on daily timeframe is showing a potential 5-wave structure development;
2) Price is currently showing bullish impulses on 4-hour timeframe after hitting the 0.382 - 0.50 fibonacci area, completing the minimum retracement for a wave 4 correction; and
3) The most recent price move is corrective, thus indicating that there is a high probability of seeing a bullish impulse to the upside.
*Next week RBA Rate Statement and Cash Rate might be the catalyst to move the Aussie.
P.S. My personal bias is to the upside, but doesn't mean it's time now to take a buy trade. Make sure you have a proper strategy to engage the trade according to your personal plan :)
After hitting that area and completing the short term correction, we are now expecting price to move higher towards 1.5230 area to complete the overall 5-wave structure.
Here are some reasons for me to have a bullish bias on EURAUD -
1) Price development on daily timeframe is showing a potential 5-wave structure development;
2) Price is currently showing bullish impulses on 4-hour timeframe after hitting the 0.382 - 0.50 fibonacci area, completing the minimum retracement for a wave 4 correction; and
3) The most recent price move is corrective, thus indicating that there is a high probability of seeing a bullish impulse to the upside.
*Next week RBA Rate Statement and Cash Rate might be the catalyst to move the Aussie.
P.S. My personal bias is to the upside, but doesn't mean it's time now to take a buy trade. Make sure you have a proper strategy to engage the trade according to your personal plan :)
