EUR/AUD is bearish, however, sideways price activity since June of 2020 can be part of a corrective pause within a bigger trend. We are talking about a complex, W)-X)-Y) pattern in 4, where price can look for resistance at the upper corrective channel lines and at the Fib. Ratio of 23.8 (1.663/1.677 area), or higher in case price starts unfolding a deeper pullback. Possible resistance for a deeper wave 4 correction would then be at Fib. Ratio of 38.2/50.0 (1.700/1.730 area), and at the former swing high at the 1.719 level.
EUR/AUD, daily
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