After the low at the 1.43 zone, EurAud broke above falling trend line resistance in September and at the beginning of October also broke above 1.52 horizontal resistance confirming a double bottom in place.
In mid-October, the pair reached a local high and started to correct.
The drop from this high is contained in a flag pattern and the low of it coincides with a retest of the broken horizontal level.
At this moment the odds are favoring bulls and a new leg up could follow after the flag's break.
The target for such a move could be the next important horizontal resistance above 1.6.
In mid-October, the pair reached a local high and started to correct.
The drop from this high is contained in a flag pattern and the low of it coincides with a retest of the broken horizontal level.
At this moment the odds are favoring bulls and a new leg up could follow after the flag's break.
The target for such a move could be the next important horizontal resistance above 1.6.
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