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EURAUD Can Find Support At 1.4600-1.4660


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September 05 2019

We have talked about a triangle on EURAUD last week and highlighted 1.4848 as an important level that must be broken for a bullish case. This did not happen so obviously it was a triangle placed in wave B) and not wave four as discussed on twitter. Price is much lower now following Friday's disappointment on NFP figures, but despite new leg down we still see decline from 1.4890 as temporary and corrective movement. It's an A)-B)-C) against previous five wave rise, so we think that sooner or later new swing low will occur. Based on Fibonacci projections this may happens somewhere between1.4600 and 1.4660. A five wave bounce from there (on lower time frame) would be very interesting to join the trend.


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