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24.06.201501:07 Forex Analysis & Reviews: EUR/AUD long term uptrend

Long-term review

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EUR/AUD found strong support near 1.3700 where it formed a double bottom reversal pattern. On April 29, the pair started rising rapidly that resulted in a breakout of the 200 Days moving average on June 3.

At the same time, the pair broke above the descending channel and faced resistance at 23.6% Fibonacci applied to the channel breakout point. Currently, a correctional wave can witness that a good long-term buying opportunity should present.

As CAD/JPY retraced back to the previous resistance area near 1.44 and at the same time near 200-day moving average, it should act as significant support attracting more and more buyers. While the overall trend remains bullish, consider buying EUR/AUD near S1 support (1.4386), targeting R3 resistance (1.5085) area. A break below S1 would extend a consolidation, but should not change the trend.

Support: 1.4386, 1.4221

Resistance: 1.4551, 1.4755, 1.5085

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