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    EUR/AUD long term outlook

    On June 29, after forming a double bottom reversal pattern near 1.37, EUR/AUD started approaching higher lows and higher highs. That signals about the potential change in trend in the mid and long terms.

    EUR/UAD found the resistance near R2 (1.4755), which is 23.6% Fibonacci level applied to a breakout of the descending channel. Currently, it looks like EUR/AUD is finishing the corrective wave down and might continue ist long-term growth. The price rejected the S1 (1.4386), 200D moving average and ascending channel confirming the uptrend.

    Consider buying EUR/AUD near 1.4386, which is S1 support, with targets at R2 (1.4755) or R3 (1.5085). Althoughthe pair could get slightly lower, only a daily close below S2 (1.4221) would invalidate this analysis and send the pair down to the area around 1.37.

    Support: 1.4386, 1.4221

    Resistance: 1.4551, 1.4755, 1.5085

    euraud-d1-instaforex-group-2.png

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