I've just entered this trade. We are looking at an impulse move up, followed by a period of consolidation in a bullish flag pattern. Price has no broken up out of this area and now that the pullback is complete, I have entered.
I did consider moving the TP higher as the previous impulse move was strong but there is an equally strong area of resistance holding...
Here is a technical Analysis for EUR/AUD on the 4hr. Overall on the daily and weekly chart the momentum has been towards the bulls however due to the volatility of this pip we are possible to also make gains on the bears of this market. Above the 1.62100 Dynamic Support and Resistance we have a head and shoulders formation. This is a signal that we could possibly...
TP1: 1.62715 (50pip)
TP2: 1.62939 (70pip)
TP3: 1.63298 (110pip)
ENTRY: 1.62198 to 1.62310
Plan: This potential move is subjective to the price when the market opens today.
Looking for entry when the price reaches between 1.62198 to 1.62310. Will hold 3 positions for this pair. Once TP1 is hit will move SL to entry for remaining positions.
EurAud is currently at a fairly respected level of structure of minor resistance with decent inside movements. We are overbought on Rsi aswell which can provide us with some relief, divergence on the 60 and rising channel on the 5min
After catching a good sell off from an earlier correction, it seems as if price just wont stop falling, if you look on the daily timeframe you will notice why we have a large trendline at the bottom which is our target as it is a daily trendline that price will most likely (in our opinion) meet in the near future.