EUR/AUD price broke to the downside of a weekly ascending trend channel on 27th August. Since then price has bounced back up to retest the weekly trend channel. Price has now formed a lower low and has started to respect a 4H descending trend line. We are now looking for a short entry as price continues to the downside. The first target will be 1.6150 with a secondary target of 1.5775.
If price forms a higher high or closes back above the weekly ascending trend line this analysis will become invalid.
If price forms a higher high or closes back above the weekly ascending trend line this analysis will become invalid.