EUR/AUD Flag Pattern Aims at 1.69 in Bullish Reversal

The EUR/AUD is building a bull flag chart pattern. The pullback occurs after a strong push up. This indicates that a wave 3-4 pattern is taking place.

Price Charts and Technical Analysis

The EUER/AUD is expected to continue with the uptrend. But price must remain above the support zone (green box). This includes the 50-61.8% Fibonacci zone, the long-term moving averages, and support levels from the previous consolidation zone.

A bearish break below the support invalidates (red x) the bullish outlook. A bullish bounce at support or break above the flag pattern confirms (green check) it. The main targets for any upside price movement are: Wizz 8 at 1.66 and Fibonacci retracement levels from the weekly chart at 1.69 and 1.75.

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.