Chart of the Day – 05/05/2022

On the 1 hour chart EUR/AUD is poised to exit a descending wedge pattern all the while holding above a recent key downward trend line. Elliott wave analysis indicates it will continue on an upward trajectory toward point C in the formation. Optimal buy entry range: 1.4815 – 1.4825. Take profit: 1.4950. Stop loss: 1.4775.