As you can clearly see, EURAUD broke out of a rising wedge and shot in an upward direction of around about 1.82000.
Breaking its current support and showing me good strength in the currency. I do believe if it breaks out of the yellow rectangle, which showed to be a good area of consolidation last time it got so high, it will drop to the resistance of the wedge and use it as support as it takes another go at rising. I do believe it will drop to the area of 1.74000 and test that support line before hitting back in the direction of 1.80000 - 2.00000.
Follow this at your own risk, this is a chart made by myself and not following influence from other traders. Any profit or loss will be taken at own risk.
I find this fun and therapeutic and am in no way a professional trader nor do I have a 100% success rate. Please be cautious of your account and all your capital. If you are unsure don't trade. Also please be wary off upcoming news events as most will be highly impacting.
New to publishing charts so any feedback would be greatly appreciated.
Thanks, R.
Breaking its current support and showing me good strength in the currency. I do believe if it breaks out of the yellow rectangle, which showed to be a good area of consolidation last time it got so high, it will drop to the resistance of the wedge and use it as support as it takes another go at rising. I do believe it will drop to the area of 1.74000 and test that support line before hitting back in the direction of 1.80000 - 2.00000.
Follow this at your own risk, this is a chart made by myself and not following influence from other traders. Any profit or loss will be taken at own risk.
I find this fun and therapeutic and am in no way a professional trader nor do I have a 100% success rate. Please be cautious of your account and all your capital. If you are unsure don't trade. Also please be wary off upcoming news events as most will be highly impacting.
New to publishing charts so any feedback would be greatly appreciated.
Thanks, R.