There are some early signals that at least a local bottom may have been forminf ard 0,7000 +/-
Weekly: - Ichimoku setup is strategic bearish. Important bearish support and first possible pull back tgt in case of a correction is at 0,7500 - Heikin Ashi is still bearish, but no further strong momentum gain - 3-4 weeks ago Price reached the bottom of the long term bearish trend channel
Daily: - Ichimoku setup is bearish, but supports have come lower: Kijun Sen at 0,7093, Trendline and Kumo zone between 0,71 - 0,72. A confirmed bullish daily reversal would take place above 0,72 - Please note that Price made a higher low two days ago. Heikin Ashi gave a possible exhaustion/reversal signal yesterday, confirmed by a clear bullish signal today.
Strategy: close shorts (if you have). Enter 0,25-0,50 risk unit counter long position. Size up later if bullish signal firms. Momentum is a bit stretched on 4H time frame and Kumo is also quite thick, so I'd prefer to buy 0,25 unit now and try to buy some more ard 0,7030-0,7050 pull back if possible.
p.s.: EURAUD short is an option too, but it is a question of your view on EURUSD :-)
Comments
RobbyOliver
⋅
This is kind of the same on NZDUSD....it is showing a 4hr triple bottom...lately AUDUSD and NZDUSD have been running together... It dose appear that a turn might be starting to happen on both pairs....
Kumowizard
⋅
well NZD I do not really trade, but I checked and you are right. Probabily because AUDNZD stopped trending, trades in between 1,0930 - 1,1260