EURAUD Buy Signal 500 Pips

EURAUD has broken out of a channel since June and now retesting past resistance as new support (yellow box).

1. RSI in buy zone
2. Strong support area
3. On daily up trend line as support

AUD Cash rate incoming in an hour. If AUD does indeed lower their rate this pair is expected to climb up. If AUD keeps rate the same there may be little change or a break to the south side back into the channel.

I'd advise waiting to see how news turns out then trading. Main direction is a buy so I will look for a buy entry only.

Entry @ current price of 1.6506
Conservative Entry @ 1.6550 after news.

TP @ 1.7088 (I recommend taking profits in increments of 50-80 pips then reentering on smaller time frames)

Good luck and let me know if there are any questions.

Charles V
CVFX Management
Trading made Simple
Oct: +30% growth, 1233 Pips

Comment:

Entry taken @ 1.6537

Comment:

Price broke down fast unexpectly but technicals still point to the north. I will be adding a trade near this level and taking profit near origin of spike. Will reevaluate afterwards depending on how pair reacts to this trend line.

Comment:

Closed 3 trades @ 1.6500 at profit of 140 pips. Although price went against our direction, retrace occured as expected. Used that as a recovery method to profit.

Will look to reenter in area 1.6330 and TP @ 1.6550.