EUR/AUD on the way to reach new highs
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EUR/AUD has been correcting the cycle initiated from July’s lows and looks forward to gather momentum in order to reach new highs across the board. Currently, the pair is doing some lower extensions in an attempt to break last week’s lows to reach the demand zone established between the 1.4795 and 1.4683 level, which corresponds to the 50% and 65% Fibo levels respectively. If it manages to rebound above it, we can expect gains to take place towards 1.5347, at which lies the -23.6% Fibo zone.
RSI indicator remains in the negative territory, calling for another leg lower.
