EURAUD - Intraday - We look to Sell at 1.6060 (stop at 1.6100)
Broken out of the Head and Shoulders formation to the downside. Ichimoku cloud support comes in at 1.5975. The formation has a measured move target of 1.5600. There is no clear indication that the downward move is coming to an end. Risk/Reward would...
EurAud has put in a new low again on the 60 with a Head and Shoulders pattern on daily adding confluence to the setup. I think we can get a retest of the lows at least and wouldn't look further due to the divergence on the RSI swings but a decent opportunity nevertheless.
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.
EurAud has been in this clean short term down trend. We have just managed to break the structure level to the left but instantly at other support just below. However based on the trend and strength of the moves then I think a retest is likely. You would want to be wary of the divergence on the RSI though.
Minor break so we can expect a slightly deeper pullback preferably and 'expected' from the zones drawn out. Some room to go down lower but I will only play for the retest if an entry reason presents itself.
Now EURAUD is a pair I have come to build some what of a love hate relationship with over the past 6 months. Previously taking shorts at a similar level in January before being annihilated by the flash crash. Luckily I did re enter and caught a lovely 500+ pips. Anyway that's besides the point, currently we are back at this huge resistance zone, where we saw daily...
4h shows a very clear movement off resistance therefore indicating it is time for EURAUD to go down. retracement is likely to take place a number of time but the overall movement for this pair is downwards.
keep an eye on 15M for a good entry!
The better the entry = the more pips you catch!
We are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so...
Looking at the chart you can see the price at the daily resistance level (1.63300) were its rejected twice from here and indicates a likely reversal.
Hopefull or stupid ill soon find out but im expecting a drop to 1.61050 if no support is found at this level expect this to plummet and retest 1.57250 area.
If you go over the the 4hr youll see again a double top...
EURAUD DAILY TIME FRAME
We are now in the supply zone, and have daily divergence
You can: a) wait for H4 closure (it can close as an evening star to confirm bear market)
b) wait for daily closure (has to be shooting star closure)
Sells kicking in soon!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex...
EURAUD has struggled to close above weekly resistance at around 1.6240 since December 2009.
I caught 100+ pips on its previous drop from this level and I'm watching closely to jump on it again.
We have seen a recent break of the 4H trendline and now price is came back up to test its previous highs again, potentially creating a nice double top formation.
I will be...
LOoking at EUR AUD we can see it spiked up heavily yesterday but shortly after the bearish momentum took over making price go back to the triple top and test it but shortly broke and we saw a drop of 60 pips+ inches from our 80 pip take profit but once we hit we'll look at entering again for the next target.
TP : 1.59400
EURAUD recently broke out of trend line Resistance last week, but if you check out the daily chart you can see the last 3 days have all had rejections form Aprils high @ 0.618 , swinging above yet failing to close above on all 3 days, seems weak from the bulls.
Stoch 55,5,3 is at resistance of 93 and RSI has big divergence on the 4 hour.
The concerning aspect of...