Breakout of a Bull Flag on EUR AUD - Expecting continue Bullish
Flag formation has been formed on EUR AUD over the course of this year and Finally broken out last week.(bottom of Flag Pole started in Feb it hit its top range before consolidating down.
you can see clear rejection on the 38.2 of the Fibonacci Level upward move from same date as Flag pole was formed.
We saw a break out and a retest of the Flag and has continued up. I am expecting it to make a Higher High a break through the key resistance of 1.5200 - If we get a close above that level next week I will be expecting a continuation on the back of Euro Strength and a continued weakening off in AUD due to commodity prices weakening and also the AUD Central bank taking a dovish tone last week in regards to wages and household debt.
you can see clear rejection on the 38.2 of the Fibonacci Level upward move from same date as Flag pole was formed.
We saw a break out and a retest of the Flag and has continued up. I am expecting it to make a Higher High a break through the key resistance of 1.5200 - If we get a close above that level next week I will be expecting a continuation on the back of Euro Strength and a continued weakening off in AUD due to commodity prices weakening and also the AUD Central bank taking a dovish tone last week in regards to wages and household debt.