I believe my initial analysis of this pair was incorrect, upon further analysis we can see divergence on the weekly TF, as well as price, breaking the weekly trendline
If you notice we also have a rising wedge pattern which is another indication of a change in trend
We will wait for a breakout and a retest before entry on a lower TF
EA short looks good here. We have seen 1 rejection from the purple box area marked showing us it is respecting the 38.2 fib level as well as the descending trend line and 50 EMA. I'm looking to take this short down to the 61.8 fib level if we see further rejection from the purple box region.
350 PIP GAIN 6/1 RR
EURAUD - Daily time frame. I was anticipating a reversal pull back on this pair for a few weeks and now i can see this pair and euro pairs falling into a corrective structure on daily time frames. After this big corrective move I see further strength in euro pairs and another extension/impulsive move to the upside on weekly time frame.
EurAud - H4 chart - I prefer shorts due to the current H4 structure which shows many confluences for downside including a H&S pattern, retest of trend lines and supply zones and a fib retracement with targets down to the next H4 support. Decent Risk to Reward on this trade.