FX forecast / EUR/AUD / Our expectations
Long-term upward trend and short-term adjustment. The price generates a flag formation during a correction that is activated in an upward direction. Currently, the price adjusts to key levels of support - horizontal support, diagonal support and 23.6% Fibonacci correction of the main trend. After activation of the flag, the price is returned, testing its upper diagonal. 50 and 200SMA are available in bulk - the trend is still in place. Sequential counts a 4-strong signal confirming the start of the new upward wave. Demarker is in a neutral zone and does not signal. Entry from the current levels gives us a good opportunity for long positions with a relatively short stop - below the minimum formed by the bullish pin.
SL: 1.5090
Alternative Scenario: If the price goes below the basic diagonal and horizon, and it stays there, the positive scenario will be spoiled and more likely to see a decline.
Jr Trader Petar Milanov
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