EURAUD Chart Technical Outlook wedge target located at 0.6445
The cross has broken out of the Expanding Wedge formation to the downside. The measured move target for this pattern is located at 1.6445.
Bespoke support is located at 1.6183 and 1.6160. A projected Butterfly formation to this zone offers support at 1.6432. Reverse trend line resistance is currently located at 1.6653.
Although the immediate bias is mildly bearish, I would look for 1.6445-1.6432 to attract buying interest. The anticipated move higher is corrective.
