EURAUD Setting Up For A Long Trade

FX:EURAUD   Euro / Australian Dollar
As of 09/10/2015 at 9:00 EST

We have identified a possible Long trade in EURAUD             .

As you can see this pair is forming a triangle pattern on the 4 hour timeframe. With the long-term trend on the daily being to the upside we will be looking to trade this pair with that in mind. Although we won't be afraid to take a short position, current trends tell us to lean towards the long side. When looking at the hourly chart you can see this triangle forming on the 4 hour and that the pair has recently traded down towards the lower end of that triangle. With a short-term down trendline drawn in red we will be looking for a close above this short-term trendlind before initiating a long position.

Once our long position is initiated this pair could very easily make a run back up towards the top of the triangle on the 4 hour. Our profit targets will be 1.60340, 1.61200 and 1.63700 if the top trendline of the triangle is taken out with conviction. Our stop will be placed at 1.57700, possibly as low as 1.57400.
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