This trade goes completely against fundamentals. We have poor manufacturing data comming from Europe and good manufacturing data coming from China so from the fundamental point of view AUD should gain in strength and EUR should weaken but techincal analysis present quite a contrary view.
As you can see EURAUD
pair just recently broken through down sloping trendline
and it also escaped from pitchfork
. So it seems like a shift in trend.
Before jumping in I am going to wait a bit to see how situation develops. I am planning to go long when RSI
will drop to the trendline
drown on RSI
indicator. Hopefully this will give me some bargain price.