LDForex_

EURAUD- Sell Limit on the Liquidity Zone

Short
FX:EURAUD   Euro / Australian Dollar
Technical Analysis:
-On the Weekly and Daily timeframe shows strong bearish momentum
-There has been a breakout of the ascending triangle and looking to to enter on the retest of the liquidity zone.
-Price has been in a downtrend since 23rd March 2020.
-We should wait for a breakout and a retracement of the supply/liquidity zone to look for a short setup.
-According to the algorithm, price could drop down 0.40% in the next 20 days. The algorithm also shows that the longterm prediction of this pair could last till the 26th May 2021.
-This is a good indication to enter short on this position before we could see a potential trend change in the future.

Fundamental Analysis:
- There are are no high impact news for news which could affect either EUR or AUD for the rest of the week.

Sentiment Analysis:
- According to market sentiment, 91% of retail traders are short on this pair.
- Normally I would go against the retail traders as 90% of them lose their capital.
- The large banks are heavily short on this pair.
Lets see how this trade plans out!
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Order cancelled: Trade was not activated as price went the opposite way.

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