EURAUD and GBPAUD primed for Aussie Q3 Data.
I have spoken about the EURAUD pair last week, but the trade was triggered on the break and close below the neckline. Market structure showing us a confirmed lower high.
We are now back retesting the breakout zone which is normal and expected. One can enter here with a better risk vs reward, or the conservative approach would be to await a new confirmed lower high which would mean a break and close below 1.6150 zone.
GBPAUD is one that has frustrated many, but the trade was NOT valid until we got the break below the flip zone/neckline. Our patience may finally be paying off.
It looked like we were going to break out, but we reversed. This is another bearish sign. However, the zone of 1.8910 is still the one we are watching. This has not changed. You can see we did retest it but did not break it.
It does seem like we are going to make a lower high here in a head and shoulders type pattern. Again, the lower high is only confirmed with a break below this neckline zone!
We do have Q3 Aussie data today. It is a high risk event. The market expects economic growth of 0.5%. Be careful of this event. It will occur before a 4 hour evening close so this data could definitely be a catalyst for the Aussie to continue, or break out for the GBPAUD.
We are now back retesting the breakout zone which is normal and expected. One can enter here with a better risk vs reward, or the conservative approach would be to await a new confirmed lower high which would mean a break and close below 1.6150 zone.
GBPAUD is one that has frustrated many, but the trade was NOT valid until we got the break below the flip zone/neckline. Our patience may finally be paying off.
It looked like we were going to break out, but we reversed. This is another bearish sign. However, the zone of 1.8910 is still the one we are watching. This has not changed. You can see we did retest it but did not break it.
It does seem like we are going to make a lower high here in a head and shoulders type pattern. Again, the lower high is only confirmed with a break below this neckline zone!
We do have Q3 Aussie data today. It is a high risk event. The market expects economic growth of 0.5%. Be careful of this event. It will occur before a 4 hour evening close so this data could definitely be a catalyst for the Aussie to continue, or break out for the GBPAUD.