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26 Aug 2013
EUR/AUD opens up amidst consolidation phase; projected target 1.5057
FXstreet.com (Barcelona) - The EUR/AUD has finally hit a little consolidation phase after a big upside run. There appears to be another thrust higher to come in the short-term, however.
Slow news until Tuesday should allow EUR/AUD to consolidate further
With an absence of economic data due out from Europe and Australia until Tuesday’s release of German IFO Current Assessment, Business Climate and Expectations, the EUR/AUD will likely continue to grind sideways in a healthy post-rally consolidation.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4825 currently). Support for EUR/AUD comes in at 1.4752 (the intraday low from Thursday).
Slow news until Tuesday should allow EUR/AUD to consolidate further
With an absence of economic data due out from Europe and Australia until Tuesday’s release of German IFO Current Assessment, Business Climate and Expectations, the EUR/AUD will likely continue to grind sideways in a healthy post-rally consolidation.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4825 currently). Support for EUR/AUD comes in at 1.4752 (the intraday low from Thursday).