📈 Let's delve into analyzing this forex currency pair for trading on lower timeframes.
⚡️ On the four-hour timeframe, after a fakeout below the 1.66909 line and a sharp decline along with a retest of the weekly support, we're now in a correction phase, engaging with the four-hour support.
🔍 Due to the ongoing bearish cycle, it's risky, but placing a trigger before the primary support, we can consider opening a short position.
⚠️ This position would be initiated after breaking below the 1.65154 line and awaiting the key support at 1.64590, where there's a possibility of its sharp loss.
⏰ Another market event to watch out for is the release of the PPI news in the next hour. Stay vigilant with your positions.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
That's an interesting setup you've spotted on the EUR/AUD pair with the fakeout and the price action at the weekly support. Your caution regarding the bearish cycle and readiness to set a trigger for a potential short position shows good risk awareness. Keep it up!
RealMRA
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@FXCM, Thank you for your feedback! FXCM also offers excellent brokerage services. Indeed, with risk management, capital preservation, and entering trades based on a strategy :)
JoeChampion
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Makes sense, Stocks are bullish which is positive for AUD plus the monetary policy in EUROPE is dovish
RealMRA
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@JoeChampion , Thanks Sir Yes, exactly The dollar is also getting stronger, which has also increased the price of gold in Europe