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.
Good Morning Traders,
EUR/AUD short term upside trade! I will be buying this pair to the swing high as the pair is still in a bigger correction with potential for a big move to the downside. My target is 1.49042, and I have quite a conservative stop at 1.48087
Good luck and trade with discipline and effective risk management!
1.Weekly Trend line broken (weekly, daily) downtrend
2.Opposing support breached by strong resistance
4.Profit margin 1:3
5.No major support until 1.4600
Let us see if the trend-line will hold we hold trade until price action displays reason to exit trade, (Confirmation type trade)
if you take a look at the daily chart of this pair you'll notice right now we're testing a previous structure level that acted as resistance in the past. Being the case, i want to look for reversal setup down on lower timeframes, such as 1hr and 4hr. As you go down on the 4hr chart, it's apparent price is having some troubles breaking through 1,5050 level...
you can see my previous analysis on the attachment below. However, my intention with this pair is to short it, because price has reached the D completion point of a Daily Bat Pattern along with structure looking left and an oversold condition on the daily as well. I've already entered my short position and taken the first partial profit. So now i'm...
here as you can see on the left we've just completed a Bat formation, and also, price is in overbought condition. These two elements, along with the structure, make me think it could be the starting point of a reversal.
As of now, on the hourly chart, price is creating a double top with RSI divergence. Let's see how the current candle close in order to...
Currently entered into a short position on the the EURAUD. Confluences on the chart.
- Multiple 4hr wick rejections of monthly resistance
- 2 daily TF rejections (tweezer tops)
- Momentum slowing
- 4hr broken through lower trend line
BULLISH week last week for the EURAUD but this had less to do with EUR strength and more to do with AUD weakness. Whilst the AUD remains under pressure the EUR could gain ground but any sign of Aussie strength and this pair could reverse rapidly. Technically this pair is BEARISH whilst we remain under 1.4176 and we are looking to SELL this pair down to 1.3624 support.
here we are on the 4H chart on EURAUD, i've been watching it for quite a bit now. As you can see price is now testing a key resistance level that also lines up with the 618 retracement of the previous leg. As soon as price came to that zone, it got immediately rejected by some selling pressure.
I'm selling at 1,413s level, with stops just 2-3 pips above...
just wanted to share with you this simple structure analysis on EURAUD. As you can see on the left hand side of your screen, this pair finally broke the 1,41 strong support that has been created previously. In this case we know it is a short signal, but we should wait for a retracement instead of chasing the price.
So, i wait patiently and now price is up...
two different setups on this pair, there's a Gartley formation already completed and a 2618 that could be completed on the next hours.
As you can see in both cases we can earn some profits, keep in mind that this particular time i'm going to use 1 single target for the pattern (at the 2618 completion) with stops above the X.
If you want...
today i've found another particular pair at a very important decision point.
As you can see above, here we are retesting a daily level that recently had been broken. This level lines up nicely with two powerful fibonacci retracements.
With that being the case, over the next days we are going to look for some opportunities in lower timeframes (1hr and...