Good morning traders, today we bring you our long-term vision of EUR/AUD, which is at a critical level that will determine the behavior of the next few months.
🔸About a year ago the price started a pronounced bearish movement, breaking all the support zones in its path.
🔸Now, in the confluence zone between the support zone and the Ascending Trendline, it found some demand.
🔸Due to this, it has been consolidating for the last weeks.
🔸Based on the long-term scenario, the main trend is still bullish.
🔸However, we cannot confirm that the next move will be an impulse in that direction, so we are waiting for a clear reaction.
🔸In case of a bounce to the upside, the target zone is the Resistance Zone at 1.6800.
🔸And, in case there is not enough demand and the price breaks the Ascending Trend, the bearish target is the Support Zone at 1.3700.
🔸About a year ago the price started a pronounced bearish movement, breaking all the support zones in its path.
🔸Now, in the confluence zone between the support zone and the Ascending Trendline, it found some demand.
🔸Due to this, it has been consolidating for the last weeks.
🔸Based on the long-term scenario, the main trend is still bullish.
🔸However, we cannot confirm that the next move will be an impulse in that direction, so we are waiting for a clear reaction.
🔸In case of a bounce to the upside, the target zone is the Resistance Zone at 1.6800.
🔸And, in case there is not enough demand and the price breaks the Ascending Trend, the bearish target is the Support Zone at 1.3700.