Long EUR/AUD with 13480 Target
EURAUD price action since 2/1 may compose a triangle. Triangles typically consist of 5 contracting swings. 4 swings are visible now. A final dip into 13000 may complete the triangle. The measured objective is 13480 (width of triangle at its widest part added to the top of the triangle or 13190 + (13190-12899)). If the 13010 order isn't triggered, then I'll look to buy above 13190 with a tighter stop.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.