Another correction can stretch down to 1.48 area - that's where the best buying opportunities may develop. Until then I'll be waiting mostly on the sidelines, with the exception of the 1.50-level, which may attract some buyers, The EUR is the strongest currency now, while the AUD - the weakest one, so the EUR/AUD's trend is up and pretty strong at that.
EURAUD has found some support at the red median line. Is it going to go up now? It is possible, but I don't think so - it just doesn't look like it's going go up. Rather, I expect it continue lower to 1.474.
ForceFollower
⋅
I expect it to continue higher now, to 1.4856.
ForceFollower
⋅
I expect a move up now to the 23.6% or even 41.6% retracement level.
motleifaul
⋅
ForceFollower
⋅
Hi, thank you for your comment. The correction is developing. The up trend will probably resume from a point in price that is much closer to some major prior low. The odds of success have somewhat tilted from long EURAUD to long GBPAUD, but buying dips in this pair should be fine as well.
motleifaul
⋅
I think that the shorter term picture is supporting your view now.