EUR/AUD swing trade long
EUR/AUD remains within an established uptrend on the daily chart, and a 3-wave countertrend move has formed.
It is trying to build a base above the 50-day EMA and July high, which paints a near-term bullish bias whilst prices remain above 1.66.
We're not yet sure whether we're at or near the end of a 3-wave correction, or if this is simply the first leg lower of a deeper retracement. For now, we'll target 1.85 and use a break above 1.69 as confirmation that momentum has realigned with the daily bullish trend.
It is trying to build a base above the 50-day EMA and July high, which paints a near-term bullish bias whilst prices remain above 1.66.
We're not yet sure whether we're at or near the end of a 3-wave correction, or if this is simply the first leg lower of a deeper retracement. For now, we'll target 1.85 and use a break above 1.69 as confirmation that momentum has realigned with the daily bullish trend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.