EUR/AUD Still Neutral but Might Be Setting For an Upmove
The EUR/AUD is still neutral but it might be setting for a bullish bounce from the POC zone.
1.6200-20 is the POC zone. If the price makes a bounce above 1.6220 the first target is 1.6278. A 4h bullish close above 1.6280 should make a move to the upside targeting 1.6312 followed by 1.6388. The price will face a strong resistance there as there is a lot of confluence – M H4, W H4, Wizz Lvl 3. We might see an interim selling within the zone 1.6380-1.6400. However a bullish close above should target the highest weekly resistance – W H5 at 1.6517.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX