EURAUD
EURAUD
EURAUD
EURAUD
A lot of traders are shorting this pair because it finally made it's way to the previous downtrend line , however my opinion is that the Friday bearish candle in conjunction with the downtrend line is merely a bear trap. What we are likely to see on Monday is that the market drift slightly lower to suck in more sellers , and then push north and run all the sellers stop loss orders at 1.4970 , then proceed to make new highs.
Personally I am looking for a temporary price target of 1.5000 , and then for the pair to eventually challenge 1.5200.
If you're keen to check on the retail traders position on this pair , head to Oanda's website.
https://www.oanda.com/forex-trading/analysis/open-position-ratios
As of now 70% of retail traders are shorting this pair , and you should know by now that most retail traders are dead wrong.
It might take a while for the bullishness of this pair to play out , but I am pretty sure on the long term uptrend bias.
Good luck trading!
Let me know if you have another idea. :)
Trade active:
Market reacted just the way I expect it to move earlier , right now we might see a move up to 1.5200 , and then hopefully a correction for us to add to our longs. Long bias remain intact , will continue to ride the trend until an obvious shift in trend.