EUR/AUD
tested the resistance at 1.5885 – 1.5900 over the course of about a month,
forming multiple spinning top candlesticks on the weekly time-frame below that
level. Last week the pair finally bounced off from the aforementioned
resistance level and continued falling. It is currently testing the support at
1.5615 – 1.5600 and considering how bearish the pair is it will likely break
out below it. If it does next target is likely at 1.5400. A breakout below that
level could lead to a further move to the downside towards the last low which
is at 1.5275, and which also coincides with the (MA)89 indicator on the weekly
time-frame.
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