EUR/AUD: Pullbacks cannot be ruled out towards 1.4910 - Natixis

In view of analysts at Natixis, as the daily stochastic is in overbought territory for EUR/AUD cross, pullbacks cannot be ruled out towards 1.4910 (daily parabolic).

Key Quotes

“However, this correction should be short lived, given that an ascending channel is forming in the daily chart and that an upward bubble is developing in the weekly chart.”

“Watch out for a new upward wave towards the resistance at 1.5235 (upper band of daily Bollinger) before the ones at 1.5340 (Fibonacci projection), at 1.5583 (upper band of monthly Bollinger) and at 1.5693 (monthly parabolic).”

“Take advantage of any pullbacks towards 1.4910 to buy the EUR/AUD, with as major target 1.5693 (setting the stop loss below 1.4740).”