EURAUD Head & Shoulders Formation and Weekly Overview

We have entered a short trade and the trade reached the target.

Weekly Chart: The trend is still bullish. Price is above all main EMAs. However, it is in the lower Bollinger Bands. Further decline is predicted.

Daily Chart: EURAUD ended the week at 1.56300 where it meets the SMA 200 support. Price is below EMA 50 and EMA 100. RSI has more rooms downside. The Pair is forming a Head & Shoulders pattern. Strongly possible to test the neckline. ( 1.53200 – 1.53000 )

Four Hours Chart: Strongly Bearish. Golden Cross is completed.

Fundamentals of the week: RBA will make its rate decision on Tuesday. It is not expected to make any changes, so the interest rates in Australia is likely to remain at 1.5%. But the Aussie will move up if RBA leaves its dovish view. Latest quarterly GDP and employment figures may make RBA a bit more Hawkish.

Conclusion: It is the selling time as long as the pair holds below 1.58000

Possible Pullback Levels to sell: 1.56800 1.57200

Downside levels for minor corrections: 1.55940 1.55640

Intraday trading opportunity will be published for the members.