EURAUD-bullish cypher on D1 chart

FX_IDC:EURAUD   Euro / Australian Dollar
333 6 11
I think this pair has more downside potential because a bat pattern is still in play:

After that i will try to enter long at the cypher completion.

More reasons:

- Projected bounce on ema 200
- round level 1.45000
- 50% retracement of the hole rally from 2015-04-28 (not shown)

Best regards

This is a really great setup. the same formation is on my radar as well.

Great!, lets see what happens, right now im short but will take profits at the cypher completion.
RCP FullTimeTrader
Yes lets see what the market does. Good luck in your trade!
RBA might give you something today.
FullTimeTrader IvanLabrie
Yes, although i think the move will not be as big as yesterday. I hope tomorrow will be another big day, my bias is short for all GPB pairs, but only will keep my GBPNZD short opened. Its not good to be greedy.
IvanLabrie PRO FullTimeTrader
I have no bias...dangerous to have one based on GBPUSD.
The rest are simple ratios, cash flow between Australia and UK is irrelevant I think.
(If GBPUSD goes down, so will the rest, or at least sideways.)
The trend in Aussie and NZD is fundamental, like the one in EURUSD; it won't go away until something fundamental changes I think.

Reading too much into corrective patterns I've found to be bad for your health, mine at least :p
I'll trade the news momentum move, using the 15m chart.
GBP and AUD news effect will tell us what to do.

I'll watch these levels to see how it plays out, thanks for the coverage.
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