Hi traders :) I'm Guario and here are some thoughts about EUR/AUD possible future price action. As we can see from the chart the pair, in the last 4 months has formed a descending triangle (green one) which gives us a bearish signal. The triangle, indeed, was broken on its upper side (small red box) but the pair seems to need more time to break up the 1.6356 level. Along with this descending triangle formation, the price movement has also formed a BAT pattern which gives us an other bullish signal. Talking about the operative section i suggest to set an entry order just a bit over the 1.6356 level. Look at the chart for possible stop and target points. Write me in comments for any question, thought or critic. Good luck :)
@robinhoood, Very right observation, but the sooner you identify patterns formation the better (the best enter is the one that anticipate market movements) and the riskier (so be carful placing good stop) it is... many time when the pattern it's completed it s too late for a profitable entry and often big players are just waiting for it to happen to take the market from the other side. However if in the future price will conferm the BAT formation thare will be an opportunity to short the pair. Thank you for the comment I've appreciate it :)
Guario
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Sorry guys, talking about the bearis green triangle I meant to say it gives us a BULLISH signal. Good luck :)