FXtrades-gp

EURAUD: The price is still moving inside the DESCENDING CHANNEL!

Short
FX:EURAUD   Euro / Australian Dollar
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🟢Forex Pair:
EUR/AUD

Technical Analysis:
In the weekly chart, since July 2012, the price has been moving following a strong trendline, bouncing again in February 2017 and it's now approaching to retest the same dynamic trendline.

In the daily perspective, at the end of December, the price got few rejections on the resistance level at about 1.61683, and a strong impulse moved the price down.

In the h4 chart we can properly see how the price is following a clear descending channel , bouncing up and down on its dynamic S/R levels.
During the last session the price closed with a down pin bar just around the dynamic resistance of the channel, it could be a clear sign of a trend continuation.
The next price action will be essential to confirm our pattern and the next market movement.

🔴Conclusion: ✔️
The price is absolutely in an interesting area and I'm really confident to see it moving with a bearish movement trying to reach the next dynamic support of the channel and eventually the main weekly trendline.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

Please note the views are not investment advice and should be used only for educational purposes

Trade Safe and Responsibly,
Gianni

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Comments

nice channel .. price respected it
+1 Reply
FXtrades-gp Babenski
@Babenski, Many thanks! I really appreciate your feedback!
Reply
Helena_FX FXtrades-gp
@TheSignalyst, @Babenski, @abel11, @FXtrades-gp, Ok, broke the channel and it has closed above it, so what now? A bullish / Long order after the pullback?
+1 Reply
FXtrades-gp Babenski
@Helena_FX not yet ! 2 candlesticks are not enough to predict the next movement:) what do you think ?
Reply
Helena_FX FXtrades-gp
@FXtrades-gp, I am not sure, to be honest. Before going down to the 1.54/1.53 area EUR will push up a little bit, but the question is when...
+1 Reply
FXtrades-gp Babenski
@Helena_FX a trend correction is possible in any moment right now, considering that the price has been following a strong downtrend since many days ago.. until the price will eventually reach the main trendline at about 1.55, I’ll be looking only for short opportunities! So let’s see and thanks for your comment, it’s always a pleasure having a small trading conversation with you!
+1 Reply
Helena_FX FXtrades-gp
@FXtrades-gp, Thank you, likewise :)
+1 Reply
Well done buddy.
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Many thanks Rich! :)
Reply
so good and excellent
+1 Reply
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