euroad aug

Euro Aud advanced for nearly a year to reach the 1.6 region. The advance failed at the 1.6 resistance just as it did in 2015. The Jun-Jul rally has now failed leaving behind a secondary lower top formation. With this lower top in place EurAud looks ‘poised for more downward corrections. The longer term charts suggest the next downleg can take prices bellow the June lows. Expect rallies to remain under 1.57 as prices work lower to 1.48