EUR/AUD About to Start a New Impulse Long
Euro Fx/Australian DollarFXCM
Description
⋅ Good morning, traders! Today, we will analyze EUR/AUD in multiple time frames to explain why we consider upside potential for the short term.
🔸Based on the technical context, we see that the price is in a short-term uptrend.
🔸Recently, there was a bounce in the support zone that gave a possible completion to the current price correction.
🔸If this is the bottom, what we are looking for is the following:
This is the 4H chart.
🔸The downtrend line is broken, and the price is now consolidating.
🔸What we expect is a break from the current consolidation. If this happens, the price may seek the resistance zone.