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EURAUD Multi-Week Bull Run?

EURAUD Multi-Week Bull Run?

Jeremy Wagner, CEWA-M, Head of Education

EURAUD appears to be uncoiling out of a longer term corrective pattern.

I'm showing the December 17, 2014 high as the beginning of an ending diagonal that terminated on April 29, 2015. If correct, this diagonal is likely to be completely retraced back to the 1.53 high.

Risk on the trade can be moved to the 1.4350 area.

This type of a large move suggests EUR outperformance and/or AUD underperformance for the next several weeks.

Good luck!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.