EURAUD - Intraday - We look to Sell at 1.6530 (stop at 1.6570)
Majority of the initial daily gains being overturned. Trades with a bearish descending triangle formation. Trend line support is located at 1.6400. Risk/Reward would be poor to call a sell from current levels. The formation has a measured move target of 1.6025. Further downside is expected although we...
EURAUD - Intraday - We look to Sell at 1.6616 (stop at 1.6656)
An Evening Doji Star formation has been posted at the high. Buying posted in Asia. Bespoke resistance is located at 1.6616. The previous swing high is located at 1.6626. The 50% Fibonacci retracement is located at 1.6596 from 1.6787 to 1.6406. Preferred trade is to sell into rallies.
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
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...
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...