EUR/AUD forms “Bearish Gartley” – OT binary puts for 50 pips

FX:EURAUD   Euro / Australian Dollar
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EURAUD             in retracement mood as it has formed 'Bearish Gartley" on daily charts .

We began this week with day high rejection at 1.4968 (day open & highs of yesterday) after rejecting last week's highs of 1.6076 (completion of CD wave in Gartley pattern ) which could not even touch near resistance at 1.6135.

Moreover, volumes were in conformity to the potential bearish signals as we see rising prices but volumes were not confirming these prices and fading away. So this divergence can be attributed as weakness in the pair is intensified and previous price bounces were only speculative swings.

Please be noted that even in an uptrend RSI and slow stochastic began diverging already before approaching overbought zones.

RSI curve is consistently trending below 75, and currently at 50.4550 which is in sync with price drops.

While %bearish crossover on stochastics at around 80s has been one more substantiation for (current %D is at around 77.4966 and %K is at 64.9633).

It is better to use any abrupt rallies for fresh short build ups, shorting near month futures for the targets upto 1.5447 (next immediate supports) and even up to 1.5151 with a stiff stop loss at 1.5870.

While One Touch (OT) binary puts are recommended for speculation for the targets about 50 pips, these digital puts to deployed in order to extract maximum leverage on extended profitability.

The prime merits of such one touch option are high yields during high volatility plays (ATM vols of EURAUD             is at around 18.79%).

Usually, such binary options for every change in 1 pip the relative change in option price 0.01% or even exponential at high implied volatility times. You can see that in charts how every dips would propel Vega             effects.
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