25 Sep 2013
EUR/AUD trading higher in wave”c” of “abc” upside correction; target 1.4513
FXstreet.com (Barcelona) - Elliott Wave technicians are calling for more short-term upside in the EUR/AUD cross as they say the rest of the current “abc” upside correction plays out.
EUR/AUD has limited drivers Wednesday
EUR/AUD has only German Consumer Confidence figures off of which to trade Wednesday. So, traders will likely be deferring to the tehnicals and the current mini-trend to the upside that appears to be in force.
Technical outlook for EUR/AUD
Technicians are calling for a continued rally up to 1.4513 in EUR/AUD before the macro bearish trend is likely to take back over. Support for the cross comes in at Monday’s low of 1.4273 and is followed up by the 9/18 low of 1.4192.
EUR/AUD has limited drivers Wednesday
EUR/AUD has only German Consumer Confidence figures off of which to trade Wednesday. So, traders will likely be deferring to the tehnicals and the current mini-trend to the upside that appears to be in force.
Technical outlook for EUR/AUD
Technicians are calling for a continued rally up to 1.4513 in EUR/AUD before the macro bearish trend is likely to take back over. Support for the cross comes in at Monday’s low of 1.4273 and is followed up by the 9/18 low of 1.4192.