The EURAUD moved impulsively lower for what has currently be counted as either a wave A or wave 1. This is however not relevant for short term trading opportunities. If the bottom is in place for this leg I anticipate a consolidation towards ideal target zone 1.57 for either a wave B or 2.
If this happens to be correct we should be able to spot a corrective pattern that will present another trading opportunity by means of a sell trade towards 1.46.
I prefer a deeper bullish corretion first before the sell trade.