The EURAUD chart is a very interesting one. I'm in a small long position, looking for more reasons to add to it soon.
Price has found support in the quarterly chart, where we see two 10 quarter levels, with the recent low landing right on this level before forming a nice base, after a very sharp outside bar.
From the recent swing low, price has formed a base, with a W bottom shape, which forms a larger double bottom with the December 3 low. This paints a very bullish picture for this pair, with generous upside to be seen.
I'd reccomend finding long entries on the break of the downtrend 50% speed line, with stops under the mode.
You could theoretically rush into it now, with a wide stop loss, but you might be better off waiting for more confirmation to long. If any of the trading strategies you use, fits and lets you find an entry here, by all means take it!
Cheers,
Ivan Labrie.
Price has found support in the quarterly chart, where we see two 10 quarter levels, with the recent low landing right on this level before forming a nice base, after a very sharp outside bar.
From the recent swing low, price has formed a base, with a W bottom shape, which forms a larger double bottom with the December 3 low. This paints a very bullish picture for this pair, with generous upside to be seen.
I'd reccomend finding long entries on the break of the downtrend 50% speed line, with stops under the mode.
You could theoretically rush into it now, with a wide stop loss, but you might be better off waiting for more confirmation to long. If any of the trading strategies you use, fits and lets you find an entry here, by all means take it!
Cheers,
Ivan Labrie.
Trade closed manually:
This pair is not acting well, AUDUSD is quite strong for now, since the dollar is under strong bearish pressure. Despite rallying sharply, EURUSD isn't outperforming the other dollar crosses due to its lower volatility, so I'd reccomend to stay flat in this market for the time being.
Comment:
Retracing against former support, you can probably add to longs or enter around here soon.
Stops at 1.49964 but monitor short timeframes for entry.
Stops at 1.49964 but monitor short timeframes for entry.
Pick whichever fits your risk profile. For the first one, you should consider adding to the trade after 1 atr profit levels are exceeded (see my last EURCAD trade for more info on that)