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...
Break and retest of TL, nice rejections from the 0.618 which confluences nicely with a supply zone. Head and Shoulders formation on lower tf's which is a nice confluence for our sell, as well as divergence on the 30m RSI. SL an ATR above the wicks and TP is aiming for a retest of the lows.
As you can see price just reached the key resistance level on 4h chart where the price has reacted on a number of occasions as a support and resistance. I will be shorting from here with a potential tp1 around the next support level.
Trade safe and good luck.
Orange = support
Purple = resistance
It is crazy how well this pairing respects strong support and resistance levels, if you are a beginner then defiantly stud this pairing and GBP CAD as they show more respect to these levels than any other pairing.
Now we set some orders at both these levels and price has just touched our sell order so we are now live and will...
i've been looking at this pair over the last days, and it finally turned into a trading opportunity right now. The blue zone is a structure zone in which price has lately been very sensitive and it's also been a zone in which price has gone overbought on the 4hr chart, also creating a short candlestick with an engulfing candle. Moreover, on the hourly...
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.