EUR/AUD: Daily study and speculation...

Weekly shows a possible triangle but still room to the downside, daily shows also still room to the downside...

On the previous occasion when we hit the triangle support line we got a nice bullish impulse so I'm hoping we get one now also, we'll see...

If it goes up but the up move is weak and reverses then we might be in the process of forming a wedge, however it could also develop an irregular flat or another triangle... Many options still so that tells us that it is too early to say anything conclusive and thus the long based on the weekly triangle (see linked idea below) is therefor a highly speculative trade!

Trade active:

I am long from 1.4485 but decided to trail SL to BE already since I'm concentrating more on EUR/GBP now... Stochastics is still oversold though so I'm hoping it will go further up without stopping me out...
Watch out for the diagonal now...

Comment:

It might continue a bit further but I think we will get a retracement soon..., Still in line with the diagonal scenario...
Short-term traders could consider taking at least partial profits and of course SL should be at BE or better...
Try to look for 5 waves on the hourly and possibly the minute TF's to see where the current up move ends (if it hasn't ended already...)

Comment:

Depending on whether one is short-term or longterm this might not apply but do consider taking (partial) profit and/or trailing SL (certainly for short-term traders!).

We broke above the trendline of the possible wedge but momentum is getting overbought so we might get a retracement soon:

Comment:

Daily is now at the BB and close to the MA's..., for the longterm trade (see weekly idea): possibly trail SL to BE now!
Short-term: if you haven't already take at least some profit soon!

Comment:

Possible breakout trade if the correction ends...
Stochastics currently overbought so it might get one more down move...