EURAUD Falling to Bottom Side of the Channel, Wait to Buy

Price fell sharply during October amid risk aversion from global stock market correction. As a result, EURAUD has fallen by as much as 5%. Now price is trading at one of the major support level. Look for a potential bullish reversal as global market stabilizes.

Trade Step-ups:

Bullish Reversal: Price rejects a break from the finally support level. Meaning that price could fall further to the final support level in the chart before a true reversal occurs. Profit levels to look for are 1.6000 & 1.6300 respectively.

Bearish Breakout: Price breaks final support level, look for consolidation below 1.5400.