EUR/AUD developed a bearish price action during the last two months… It seems to me that pair has completed 3 waves down and the currency pair is now about to start a new bullish correction which is aiming for a wave 4 correction… We will review different scenarios as the pair can either bounce for a larger correction or expand the bearish momentum.
This article will discuss the wave perceptive and expected scenarios during the coming days using wave pattern, support, and resistance and SWAT software.
As seen in the below chart, the pair developed a new bearish momentum… In my view, this pattern seems 3 waves down and the price could now be developing a wave 4, here are the main conclusions:
We still need more confirmation before trading this pair because the price could also continue the bearish momentum … in the next paragraph, we will discuss this development by using SWAT software.
Now its time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns… The price is moving to the downside but still, need some developments to happens before we trade this pair… Here are the main developments to consider:
So in my view, traders should wait for the confirmation before trading this pair and look for long opportunity only for the moment as it matches the expected wave.
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