Good Day traders !!
On the Daily timeframe we can clearly see that EUR/AUD is on a downtrend wedge and we expect more continuation to the downside , We do have two areas of supply where the liquidity could be grabbed before the next impulse. We also noticed that we tested all the levels of the FIB retracement on the previous leg and strongly rejected the 0.618 as well as the 0.782 which means that this area had some Sell limits and after they were triggered we saw this massive wick on the last candle.
From An institutional perspective we have on Euro hedge funds Shorting massively since the net position went from 165,000 Net position on late January until 125,000 Net position recorded during the last report. Also we have closed more than 5,800 Long position and added more than 6,500 Short positions during the last report.
On Aud we have Jumped from -1,450 Net position to close to 6,100 Net positions recorded during the last report. We have seen Hedge funds adding massively long position on the currency which explain the strenght of the Australian dollar during the previous weeks. On the last report hedge funds have added close to 5,383 Long positions and Closed 2,300 Short position which also forecast a very bullish AUD during the next weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
On the Daily timeframe we can clearly see that EUR/AUD is on a downtrend wedge and we expect more continuation to the downside , We do have two areas of supply where the liquidity could be grabbed before the next impulse. We also noticed that we tested all the levels of the FIB retracement on the previous leg and strongly rejected the 0.618 as well as the 0.782 which means that this area had some Sell limits and after they were triggered we saw this massive wick on the last candle.
From An institutional perspective we have on Euro hedge funds Shorting massively since the net position went from 165,000 Net position on late January until 125,000 Net position recorded during the last report. Also we have closed more than 5,800 Long position and added more than 6,500 Short positions during the last report.
On Aud we have Jumped from -1,450 Net position to close to 6,100 Net positions recorded during the last report. We have seen Hedge funds adding massively long position on the currency which explain the strenght of the Australian dollar during the previous weeks. On the last report hedge funds have added close to 5,383 Long positions and Closed 2,300 Short position which also forecast a very bullish AUD during the next weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
