AUD has went up significantly for the past several days or even weeks. EUR has been pounded. EURAUD
has higher degree of negative correlation with AUDUSD
. Since AUDUSD
has broke out, we're expecting to pullback for a retrace after hitting 113, 127 extensions.
now at weekly support, our bias is to go long on this pair. Today's move proved to show us a possible formation of a base at current levels. Plotting out the harmonic pattern
, we have a shark
formation with near term target of 1.4720.
Trade this with caution. Extremely volatile.