Kumowizard

EURAUD - The tricky cross

FX:EURAUD   Euro / Australian Dollar
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Well, this morning it had again a sopike up to Key support/resistance level, but by now Price dipped back to the bottom of current trading range. Frankly speaking, this is really a hard time to make a trading decision on this pair.

Daily: Long? - Fundamentally I would not enter long EUR at all. If someone likes AUD shorts, probably can find a better cross to play. Technically, at least in terms of Ichimoku rules a long entry would be triggered on the daily chart with close above 1,4560.
Short? - Well, Slow Stoch is on sell, MACD is about to give a sell signal too, and seems the Key level of 1,4555 holds so far, Price refusing it. The problem here is with Ichimoku components. We have too much resistances on the lower side. Kumo top and first horizontal is at 1,4370, Kijun Sen and second horizontal level (also future Kumo bottom, Senkou B is there) at 1,4160.
DMI-ADX is also interetsing, DI lines converging and ADX dropping.

4 Hrs: Still in a range, a close below 1,4400 needed for some bearish action. However the short term uptrend line seem to be broken and already retested this morning, then Price refused at 1,4550 Key resistance, but still, this is just a consolidation period.

All in all the most likely scenario now for me is that it may stuck in a range for a while. Wether this range is going to be tighter or wider I don't know. However the bias in very short term is rather bearish , so if I have to chose I rather sell the top third of the range.
As I wrote yesterday in my EUR complex post, EURAUD shorts should be taken with less weight, than for example the sakndinavians, which since yesterday started to perform.
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