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Tuesday, December 31, 2013

EUR/AUD - Has wave 5 peaked at 1.5597?

EUR/AUD:

Is wave 5 finally in place at 1.5597?

A break below 1.5286 will indicate, that will be the case a call for a much deeper correction towards 1.4072 and may be lower.

However, as long as minor support at 1.5414 and more importantly support at 1.5286 protects the downside we could see a move slightly higher towards 1.5759 maybe as an ending diagonal. Only time will tell what the outcome will be.

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