EURAUD Analysis 08/05/2023
EURO / AUSTRAILIAN DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.61580-1.62190
Nearest Resistance Area = 1.65224-1.65753
Overall Bias = Long
Short Term Target = 1.61580-1.62190
Ideal Target = 1.65224-1.65753
Invalidation Level = 1.60350
Notes :
EURAUD is in a major uptrend on its daily time frame with price making consistent Higher Highs & Higher Lows plus the fact that price is above its EMA's. Using Elliot Wave Theory it seems like price is in its C corrective wave phase of its bigger 4th wave correction.
Our 1st Main & "Ideal" Scenario is the black paths where price will correct to its major support zone and than rebound & start its 5th wave rally retesting its major resistance zone. The scenario will be invalidated if price breaks below 1.60350.
The 2nd "Worst Case" Scenario is the red paths where price makes a deeper 4th wave correction and breaks down below its major support zone and continuing its downwards spiral to 1.56950-1.57600.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.61580-1.62190
Nearest Resistance Area = 1.65224-1.65753
Overall Bias = Long
Short Term Target = 1.61580-1.62190
Ideal Target = 1.65224-1.65753
Invalidation Level = 1.60350
Notes :
EURAUD is in a major uptrend on its daily time frame with price making consistent Higher Highs & Higher Lows plus the fact that price is above its EMA's. Using Elliot Wave Theory it seems like price is in its C corrective wave phase of its bigger 4th wave correction.
Our 1st Main & "Ideal" Scenario is the black paths where price will correct to its major support zone and than rebound & start its 5th wave rally retesting its major resistance zone. The scenario will be invalidated if price breaks below 1.60350.
The 2nd "Worst Case" Scenario is the red paths where price makes a deeper 4th wave correction and breaks down below its major support zone and continuing its downwards spiral to 1.56950-1.57600.
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