FX:EURAUD   Euro Fx/Australian Dollar
The overall trend on the DAILY chart is still bullish with lows at 1.44258. On the 23th, 24th as well as today (25th) the market tested this area but still failed to close below. Until there is a break and close below this price (on the daily chart ) I will still look for buying opportunities at key support zones.
On the 4H chart we have broken and closed below the B point of this GARTLEY pattern even though there has been buying pressure at this level. If price moves into the GARTLEY PRZ I will observe price action with the intention of getting long.
My preferred areas for getting long are the zones market as ‘Preferred Buy Zone 1 and 2’. These zones represent areas where the market turned with multiple extended candle wicks. Zone 2 also marks the termination of a harmonic move ( AB=CD ) as well as the GARTLEY 1.618BC projection. Zone 2 would also offer a better risk to reward ratio since stops have to be placed below X irrespective of where you enter.
I will observe price action in the PRZ. If price breaks and close below the X leg with great momentum on the initial test I will not enter the trade. I will be looking for signs of reversal at these zones.
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