metalhe4der
Long

EURAUD can potentially breakout and resume uptrend

FX:EURAUD   Euro Fx/Australian Dollar
265 4 0
Based on daily/weekly charts, I'm looking for a resumption of the uptrend as soon as we breakout of this range (as can be seen by inside bars on the weekly chart).

First target is 1.46 (based on 2:1), rest can be trailed (optional).
If it reaches my SL by market close today, we can potentially see a bearish leg down to the green trend line.
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One of the "rare" occasions where surprise fundamental data invalidates a trade. On this occasion, it was the PBOChina removing lending rate floor - causing the Australian Dollar to react with a powerful up move. Will sit back and note how this plays out next week.
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Interesting.. I've called a short on EURAUD... one of the commentators mentioned that there was still some upside left.. from my trade perspective, the PBOC's floor rate issue certainly was a blessing in disguise. As a pure technical analyst, its good to see the other side of the trade call too.
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metalhe4der PRO justatrader
3 years ago
Are you currently trading, or looking to trade this pair? For now, I've labeled this pair rangebound in my books. Until it breaks to either side, I'm staying away. Though I'm still holding a bullish outlook (to perhaps 1.5 area?), if it breaks down, I'll be looking to trade it down to previous swing lows on the daily/weekly. I guess it's just typical summer volume/ranges in play across the "forexscape".
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