Nico.Muselle

EURAUD - a little more to the downside ?

FX:EURAUD   Euro Fx/Australian Dollar
332 13 14
2 bat patterns on EURAUD             together with a current downtrend of lower highs lower lows might indicate that there is some further downside to this pair.
We might be looking at a reversal around the completion of the red bat pattern (structure present) or even a little deeper to complete the blue one ...

Are these patterns going to complete ? Nobody knows ... but I'll certainly keep an eye on it
HiTech PRO
2 years ago
I think the probability for the pattern completion is very high, EUR is struggling across all majors, with new lows and no clear bottom hit.
+1 Reply
Nico.Muselle MOD HiTech
2 years ago
As long as I see those LH-LLs coming in, I'm convinced there is a good chance this pattern (or at least the top one) will complete. But as always ... only time will tell :)
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HiTech PRO
2 years ago
as always :)
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I was looking at this last night trying to force a reason to get short and hop on. Was unsuccessful
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Nico.Muselle MOD Akil_Stokes
2 years ago
The descent indeed is pretty choppy, but for now it sticks to the trend. To enter the trend with a SL that is acceptable might be a challenge though as the retracements are pretty spikey. For now I'm not touching this pair, just keeping an eye on eventual completion of the pattern(s).
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HiTech PRO
2 years ago
I'll do my analysis on EURAUD and share with you in a short while
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HiTech PRO
2 years ago
Here you go, as promissed :)
EURAUD STILL TO HIT THE SUPPORT
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Pokemon_King
2 years ago
Nice label for the LL and LH. and amazing pattern. Looks like you have the crystal ball here buddy.
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* Update : pattern has complete now. Be careful if you want to trade it though as there is some ECB announcement tomorrow. Look for triple confirmation for entry as the overall trend of EUR is very bearish and they do want to keep it that way.
+1 Reply
rumuscat Nico.Muselle
2 years ago
Hi nico not sure what you mean by triple confirmation
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Nico.Muselle MOD rumuscat
2 years ago
I mean that you should have a clear indication that the trend is really reversing.
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This one might work well. Strong support to the left.
+1 Reply
Nico.Muselle MOD IvanLabrie
2 years ago
Might ... depends on what Draghi will announce tomorrow. :)
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