EUR/AUD – Bullish Reversal Pattern Indicates Potential Upside Move

Key Observations:

  • Pattern Structure:

    • The left shoulder (S) formed around May 4–6.

    • The head (H) is clearly visible at the low around May 12–13.

    • The right shoulder (S) was completed around May 17–19.

  • Neckline Breakout:
    The price is now testing a neckline resistance zone, and a potential breakout to the upside is forming as the pair consolidates in a bullish symmetrical triangle.

  • Support & Resistance:

    • Support: 1.72456

    • Immediate Resistance: 1.78780

    • Major Resistance: 1.80215

  • Price Target:
    If the breakout holds, the price could rally toward the 1.78780 level, which aligns with the projected height of the inverse head and shoulders pattern added to the breakout point. A further extension toward 1.80215 is possible if momentum sustains.

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Maddy

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

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