On the last day of last month, I watched the currency pair EURAUD, which was in a three-week consolidation under key resistance at 1.5770. At that time, the prices were close to the local consolidation constraint at 1.5620.
The following days brought a rebound from this level and what is important, the rate closed yesterday’s session on over the upper consolidation limit and the key level of 1.5770. Today, on the other hand, we are witnessing continuation of increases, and the quotations have already reached the levels visible more than two years ago.
Currently, it is important how today’s session and the entire trading week will end. If this happens at present or higher levels, it can be concluded that the resistance within 1.5770 has been successfully broken.
If this scenario is implemented, the way to the key resistance zone between 1.6140 – 1.6248 will be opened. This area includes highs from September 2015 and February 2016 and is visible on the weekly chart below.