DanV
Short

EURAUD - POTENTIIALLY FORMING AN ENDING DIAGONAL

FX:EURAUD   Euro Fx/Australian Dollar
In my previous chart of EURAUD             I was anticipating bullish AB=CD
Unfortunately it was premature at the time as It still was in correction mode. Hence that trade will now be delayed.

However, in the mean time it could offer interesting shorting opportunity. Most of the details are on the chart but here is the summary of technical to consider as you plan your trade:

1. After a wave (b) top in my chart it seems that we are forming an ending diagonal of which waves 1,2 and 3 are complete each with 3 swings.
2. Currently retracing in wave 4 which could top around 1.42 - 1.43.
3. I has already retraced 38.2% of previous decline typical of wave 4 in ending diagonal.
4. RSI approaching potential resistance line
5. Also an area where previously it was support which now could form resistance.

Conclusion: If the above holds then the downside targets could be:

Target 1 = 1.37
and Target 2 = 1.35
Both in area with several fib confluence and lower parallel of the declining pitch fork.


Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.

As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.

Thanks for taking the time to view my analysis.

DanV
danv-charting.com
HiTech PRO
2 years ago
Agree, the overall trend is bearish and your shorting area makes sense, my upside target is near by
EURAUD LONG TRADE SETUP
Reply
DanV MOD HiTech
2 years ago
Thanks for that. Another excellent idea.
Reply
HiTech PRO DanV
2 years ago
same as yours, good job
+1 Reply
DanV MOD HiTech
2 years ago
Yes indeed.
Reply
au2
2 years ago
nice one, thanks for the share
Reply
DanV MOD au2
2 years ago
You are welcome
Reply
Everyone's looking at this chart...I have the same long objective.
Agreed.
Reply
IvanLabrie TOP IvanLabrie
2 years ago
EURAUD: Go long during wave C

I want to go long really...
Reply
HiTech PRO IvanLabrie
2 years ago
Just go for it Ivan :)
Reply
DanV MOD IvanLabrie
2 years ago
Well then all I can say is that there must a method in our madness. lol
Reply
IvanLabrie TOP DanV
2 years ago
Madness? Watch nzdusd. I got out too early...our first impression was correct.
Reply
DanV MOD IvanLabrie
2 years ago
Yes indeed. I assume you are talking about short from above. I ad to re-enter.
Reply
IvanLabrie TOP DanV
2 years ago
Yes sir...I should stick to my forecast but the count was making me nervous amongst other factors.
Anyway, plenty of pips to be had.
Hope you have a great week ;)
Reply
Mirandole
2 years ago
Hi DanV !

The GBPAUD looks bearish to me too. Wait & See.

snapshot


Best Regards,
Serge
Reply
DanV MOD Mirandole
2 years ago
Hi. Thanks for sharing your chart, I appreciate it.

I agree on GBPAUD. In fact it seem that the move of the low is 5 wave impulsive, hence it is likely to make partial retracement rather than new low. Hope this helps.
+1 Reply
Mirandole DanV
2 years ago
Hi DanV,

Yes, I probably aim my target too low. You're right, I'm not so sure that it will make a new low. So I'll change my SL level while pair downtrending.

Thank you,
Bye Bye

Serge
Reply
DanV MOD Mirandole
2 years ago
YW. Thanks
Reply
HiTech PRO
2 years ago
Thought would be nice to share :)
EURAUD UPSIDE TARGET REACHED
Reply
DanV MOD HiTech
2 years ago
Excellent. Thanks
Reply
HiTech PRO DanV
2 years ago
Always a pleasure Dan :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out