Nathanp7
Short

Get ready for a big impulse

FX:EURAUD   Euro / Australian Dollar
Here we have an ascending channel and we have finally had 3 touches of the upper trend line (blue circles) suggesting a move towards the downside. We have also broken another trend line that has been respected.
Market structure has also changed as price has now created a lower low marked by the red circle.
Price is now currently retesting this broken trend line and in the form of a corrective structure (a small ascending channel ) a bearish flag , before the continuation to the downside.
Price is currently rejecting important Fib levels.
This will create a head and shoulders , which indicates more sellers are present in the market than buys.

Let me know your thoughts and any other ideas you have for this pair.

Thanks

Nath
Nice analysis, I think now we have retested the upper resistance line that we will see some downside movement now.
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