We have now closed on the daily above the currently @ 1.3981, Last week the euro outperformed all other currencies, and the market seems to be paying particular attention to and reacting on bad data printed for the Aussie dollar.
With this in mind we recommend going long the EUR/AUD @ safer confluence zone levels
between 1.3900 - 1.3925
Stop set @ 1.3860 just below the low of the last candle
TP1 @ 1.4080 just below the .236 fib line
TP2 @ 1.4200
When the trade is triggered and you hit TP1 move your stop to break even and protect some profit and let it run .
Reason for trade :
Be Cautious and Alert EUR/AUD is a carry trade and moves very quickly.
Last week the Euro outperformed all other currencies and the Aussie has printed some bad data and the markets has responded bearishly with this in mind , Early next week is busy on the calender with AUD retail sales m/m ,
RBA cash rate decision, expected to be much of the same tone, cautious, hold the rate and jawbone the currency.
Not forgetting has been taking a hit recently notably copper price dampened, so these linked currencies have been feeling the effect.
We rate this trade out of ten ( 6.5 )
Happy trading and stay tuned and follow us for more ideas.
Plan the trade and trade the plan
So we have now been filled as the trade came down to our entry zone level and we entered @ 1.3925
Now keep an eye on the RBA tomorrow their language will give us a better insight into their view on the aussie dollar at current levels, and their forward projections
Stay tuned happy trading and by all means feel free to give us a thumbs up and your comments on all your views are very welcome .
2 minutes ago
Okay so TP level 1 has been reached .
Stay alert and move stop loss to break even , to relax and let the trade run .
Have a great trading day .....
Stay tuned for further updates
Trade the plan
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