AdamHong

EURAUD: The 0.618RET and 1.618REXT

Short
FX:EURAUD   Euro / Australian Dollar
In the weekly chart, the market has soared quickly in the past few weeks, will it go on?
Maybe it is not because a strong resistance is near.
The 0.618RET of previous decline from Aug 2015 to Feb 2017 is at 1.545 level and the 1.618REXT of the drop from Dec 2016 to Feb 2017 is at 1.539 level.
Meanwhile the Supply Zone also works at 1.540-1.560 levels.
Additionally, the historical resistance line is at 1.553 leve.
What is more, the upper edge of equildistant channel may also a resistancel and the RSI has been overbought already.
So it is good to sell at 1.540-1.560 levels when price action gives signals in the PRZ.
SL: above 1.565
TP1: 1.477
TP2: 1.450
TP3: 1.400 and further more

少则得,多则惑。
Less is more, slow is fast!

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