Will we see a reversal in EURAUD

The Australian dollar has been losing value for the past couple of months that have been intensified due to changes in the tax for corporations which had led to muted rally in the SPI whereas most other indexes are making new highs.

A harmonic pattern was completed yesterday proceeded by a fall with a retracement today but not back up to the high. The pattern indicates that we will see a retracement of the C-D line of 38.2 - 61.8% and we also have an RSI indicator showing that the market is currently oversold.