quantguy
Long

AUDEUR Rallying for Many Reasons

FX_IDC:AUDEUR   AUSTRALIAN DOLLAR / EURO
AUD has been rallying ever since the RBA rate decision, and strong PMI data. Meanwhile, the sentiment toward the Euro             is bearish on account of the recent Paris tragedy. These two facts form 'perfect storm' of potential for AUDEUR             , as we can clearly see. Now is not the time for optimal entry, as we've seen 5 years of consecutive rallying and are due for a pullback. The MACD/RSI combination indicates we are starting to enter "overbought" territory.

An optimal entry price for a long trade would be somewhere around 0.6597. The Fibonacci levels give optimal profit targets on the upside, as well as stop losses on the downside.
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