justatrader

EURAUD - Basic Technical Analysis (Bears still in control)

FX:EURAUD   Euro / Australian Dollar
212 0 3
Taking TA to the most basic and simple means. Notes on chart.

EURAUD             is still in control of the bears but we look to be heading close to a possible break out with the trend finally decided. Downtrend will be in danger if a new high above 1.50295 is created.

First confirmation, failure to close above (or open above next week) the weekly falling trend line
Second confirmation, wait for 1.40496 to be cleared with a break of trend line
Sell on bounce from 1.38006 with stops at 1.43583

Nice to have: A bearish candlestick pattern forming.
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