EURAUD: Cypher Pattern W/ Trend but BE AWARE.

FX:EURAUD   Euro / Australian Dollar
Before checking out what's in store for us on the fundamental side of things I would have called this a no-brainer trading opportunity. On the daily chart we have recently put in a LLLC and presently we're retracing back into the previous 2 days highs. Not to mention we've had the completion of a bearish Cypher pattern at 1.3828 which I'd be looking to use as an entry reason into a TCT trade offering a good sized reward compared to it's risk.

The one concern that we need to be aware of is the 8:30 NY time RBA Monetary Policy Minutes. Will they give a drop a hint about rate cuts or not? That's the big question, and we all know (or know now) that because the Asia markets are very thin, news on the Aussie tends to react in a major way.

I'll be sure to stay very close o my computer before the announcement to avoid or rather minamize potential slippage one way or another
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Hey Akil. I was hoping I could get your current opinion on the EUR/AUD.
I've been short since the spike into resistance on the 18th, expecting more selling. Nearly a week later and 2 failed breakouts to the downside, only to come back into it's range, I'm losing confidence in my prediction.
+1 Reply
The HTF charts have short written all over it. So if you're in a longer-term position I think you're on the correct side. Regardless once you're in the trade who cares about confidence. You're either going to be stopped out or have targets hit. Those should be the only options. Trust your initial analysis and just try not to look at the chart. The more you watch it the worse you'll feel
RyanHorner Akil_Stokes
Thank you for your insight Akil! :)
This is a larger timeframe uptrend in my view.
If you look closely at either EW analysis or time spent at price and price action in detail, you will see that the downtrend is at exhaustion, probably a large short taking profits inspired bull run.


There's not much point fighting AUD weakness here in my opinion.
HiTech PRO IvanLabrie
now it looks like we might correct further up
Urbandj HiTech
Thanks for another point of view on this pair, I'll be watching what price action does now as we've come to test some resistance. If you're right, there should still be a 38.2 retracement to squeeze out of this, but I feel we may be coming back to retest LLLC on Daily
HiTech PRO Urbandj
Well I think it should be bouncing of the neckline of the formed inverted head and shoulders
+1 Reply
I entered this cypher...

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