Technician
Short

EURAUD: The Downside Prevails

FX:EURAUD   Euro / Australian Dollar
445 1 6
Nice example of complex technical patterns, the EURAUD             completed a major head and shoulder top pattern, by completing the right shoulder of the pattern in unique, rare double top formation, which hinted at that time that price would probably break the neckline for the head and shoulders . Indeed, the price broke 1.5030 support level and neckline of the HS, to extend and reach the ideal target of the double top around 1.4800.

The overall picture is getting more negative, as we may be in the beginning of a new bear trend, however, that is not important , as i don't really care now about forecasting where price is headed over the long term, what i will be looking for is pullbacks towards the broken support-turned-resistance around 1.5000, for new short setups, as upside pullbacks will surely provide new opportunities to short, through short term bearish setups.

I will keep you posted for updates and possible shorter term trade setups

Good luck, join me at:
https://twitter.com/thefxchannel
thefxchannel.com
I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
I agree. Also for the strength the move i think it's more likely to go down to stronger S&R first, before heading back to the 1.499-1500 lvl.
But bears are looking really good. :)
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out