EUR/AUD broke yesterday resistance level at 1.5200, which means that the uptrend has set a new high. The price is on highest levels since May last year. As you can see on the weekly chart, pair has broke out from a broad bearish channel. Completing a long-term correction with a strong breakout should mean continuation of dynamic growth. Of course, it is worth considering today’s ECB’s decision, which may slightly “shake” the charts. However, it seems that the main trend will continue to be bullish in the near future. The first goal of the bulls is the high from the end of May 2016, that is vicinity of 1.5640. This means that demand has around 300 pips of potential space for further increases.
