Last week showed a break to the upside of a descending channel, showing bullish momentum. On the daily chart the candlestick has been using the ma as support. On the 4hr chart can see a break of a wedge to the upside and rejection at the 50% fib retracement level. I am looking for long opportunity after the close of 4hr candlestick above the wedge before entering...
Today's one & only scalp
- Price broke above H1 & H4 resistance
- The H1 printed a new high, then came down to retest but first of all made a new Lower-high, then closed back within the range
- Short positions were taken upon retest of the resistance level with a 15 pips SL & TP
- TP got hit the following hour candle
Higher time frame were clearly on the down trend making new lower lows and lower highs, currently on the 4hr time frame you can clearly see previous structure looking left has been broken , so were now waiting for the pull back and re test. the 50% fib lines up perfectly with an area i would look to get into this market selling for the continuation of the market....
AUDUSD is trapped within the 31& 50 - 200 EMA, also there is expectations of upward trend because of the CPI release later on ! Then EURUSD face a significant downward trend as it has been overbought lately!
Also the pair has reached the daily trendline and is forming the second leg for 4HR m Formation.
Then there is significant resistance around the 1.5060 area
On the eur/aud, I see bullish momentum followed up by retracement levels between 0.5 and 0.618 which indicates great pullback. Price seems to respect the support zone and does retest it as well so I'm hoping for a clean retest with the price moving higher.
The Euro vs. the Australian Dollar. This pair is considered to be a great barometer for global risk. In 2012, during the European sovereign debt crisis the EURAUD reached its low. Since then, due to the European Central Bank’s policy of Outright Monetary Transactions (OTM or the “whatever it takes” measure ) the pair has recovered substantially.
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