Last week I said that EurAud could rise and pass above 1.5 and, with strong support under 1.48, dips should be bought.
Indeed, the pair reversed from that zone and now is trading just under the upper boundary of the range and exactly in the resistance given by the falling trendline started in March.
The recent break under 1.44 support is a false one and, as always, we can expect now a rise to the next important level of resistance at the 1.52 zone (which is also my target for this rise)
In the short term:
As we can see from the 1H chart above, the price action from the 19th is in a V, with acceleration upwards since Monday and clear resistance at 1.4950.
Considering 10 days of consolidation and the clear pressure on the buy side, I expect this resistance to fall and the pair should accelerate its gains.
As I said, the most obvious level of important resistance is the 1.52 zone and I expect it to be reached pretty soon after we have a valid break above 1.4950.
Best Regards!
Mihai Iacob
Indeed, the pair reversed from that zone and now is trading just under the upper boundary of the range and exactly in the resistance given by the falling trendline started in March.
The recent break under 1.44 support is a false one and, as always, we can expect now a rise to the next important level of resistance at the 1.52 zone (which is also my target for this rise)
In the short term:
As we can see from the 1H chart above, the price action from the 19th is in a V, with acceleration upwards since Monday and clear resistance at 1.4950.
Considering 10 days of consolidation and the clear pressure on the buy side, I expect this resistance to fall and the pair should accelerate its gains.
As I said, the most obvious level of important resistance is the 1.52 zone and I expect it to be reached pretty soon after we have a valid break above 1.4950.
Best Regards!
Mihai Iacob
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