EurAud- Important break could lead to 1k pips rise
After a recent dip to the 1.6 zone and a period of consolidation, the EUR/AUD has reversed strongly over the past two weeks, leading to a significant breakout.
As shown in the chart, following an initial upward movement lasting about a year, the pair corrected and consolidated within a falling wedge pattern for another year.
Currently, we see a clear breakout above the falling wedge's resistance, which could lead to a rise of approximately 1,000 pips in the medium to long term.
Swing and positional traders might consider buying on any dips around 1.64, aiming for a target of 1.75, while keeping the interim resistance and falling wadge's target at 1.7 in mind.
As shown in the chart, following an initial upward movement lasting about a year, the pair corrected and consolidated within a falling wedge pattern for another year.
Currently, we see a clear breakout above the falling wedge's resistance, which could lead to a rise of approximately 1,000 pips in the medium to long term.
Swing and positional traders might consider buying on any dips around 1.64, aiming for a target of 1.75, while keeping the interim resistance and falling wadge's target at 1.7 in mind.
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