EUR / AUD pair
On the weekly scale, the current candle has accelerated growth by rebound from the MACD indicator line, after which it confidently moved above the resistance of the embedded trend line of the price channel at 1.6256. This mark coincides with the top of February 2016 (also the maximum of the year) and the top of September 2015, where an important price resistance has been broken. The Marlin oscillator is growing steadily with a big growth prospect.
On the daily chart, the price is struggling with the resistance of 100% Fibonacci level, which was the maximum levels of September and October last year. The Marlin oscillator line resumed its growth after a short-term false fall into the negative zone. The first target zone is the range of 1.6589-1.6636, determined from the peak of August 2015 to the Fibonacci level of 110.0%. With the overcoming of the range, the second goal opens to 1.7000 with the Fibonacci level of 123.6%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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