ORBEX: EURAUD Correction Likely To Lead To Further Upside!

EURAUD could move higher to complete minor wave 2 above 1.6800 levels. Before continuing higher, it is necessary to complete the minute correction that started at 1.6800 top.

With a low at 1.618% FE at 1.5900 round level, which is also a double bottom level, the correction could have either ended as a single zigzag or has another bearish leg down between 1.59-1.55.

Look for a valid break above 1.6300 top but before reaching there focus on whether a potential upside is limited to 1.6240 -the 50% FR of 1.6435-1.6045 (minute x wave top to current low price).

Stavros Tousios
Head of Investment Research
Orbex

This analysis is provided as general market commentary and does not constitute investment advice.