Morning traders,
After a positive surprise for the market on Australian elections as Conservatives keep power via coalition and the polling companies have yet another shocker after predicting in the last 50 polls that Labour would come to power. This mild positive and the oversold nature of AUD led to a large short squeeze with AUD trading up 70 pips from...
EURAUD on the H4 time frame, is showing clear signs of rejection of a key reversal zone.
We also have MACD Divergence.
With me previous analysis for a bullish AUD, I have a bearish expectation for EURAUD for the rest of the week.
@PipsOfPersia
t.me
Google suffered the biggest one-day tumble in its history - some $70 Billion wiped out! Alphabet announced about 2 hours ago that Eric Schmidt the CEO for the last 18 years, will resign from June 2019, and will not seek to be re-elected. This is not great for investor confidence in the short term. Schmidt's resignation won't cure Google's woes anytime soon.
This...
The big pump down on the DAX on a 3D time frame is seeing an alternate three-drives pattern up retracing into a 61.8% Fib and a zone of congestion. All we can do now is get our axes ready for a nice short on a lower time frame. Preparation is 'everything'. :) You may win, you may lose. No pain no gain!
Daily chart showing signs of closing with a tweezer top candlestick formation, in confluence with the 61.8% Fibonacci retracement level, and the daily descending trend-line region.
SL: 146.400
TP1: 143.800
TP2: 142.000
Negative carry trade, so plan accordingly! Risk management is essential, always.
It looks like a 'three drives' pattern. But I'm no expert on this particular pattern. I make no predictions. I'd welcome perspectives on this from others who know more.
On our analysis on the 07.05 we advised that we increased our AUDUSD short position at 0.7482 and that we would be taking some profit below 0.7. Yesterday we effectively took profit at around 0.698 and we are now monitoring the currency pair which is currently at around 0.7 to try and find another short entry level. This is because our long term view on the AUDUSD...
A good SELL opportunity due to the fact that the current market is on a ranging market as well as the fact that it is high on RSI. We can therefore anticipate a drop.
There is further confluence when we consider the fact that the top linear level had been rejected previously 3 times.
Wait for daily candle to close below the Trend line for a possible sell down to the different support levels. If the daily candle closes as a rejection then look for a buy. Always drop to lower timeframe for confirmation.
Looking to scale in on my original EURCAD short positions now price is making clear lower highs and lower lows.
Aiming to go short at the Fib 0.618 retracement level which coincides with a retest of the broken bullish TL and the new bearish TL drawn on the lower highs. The 4hr 50ema should be in that area to act as a dynamic resistance
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