EURAUD: Daily downtrend expired at monthly support
We have an interesting level below price in the Euro/Aussie cross. It might be interesting to enter longs around this zone, targetting a retest of 1.5225-1.5265 in the coming days. If you enter at market, you should factor in a one average range risk at the very minimum, but it might be safer to use a wider stop, or enter off a shorter timeframe setup.
Considering my long term analysis of the pair, this support level, if it holds, might send the price up strongly, being a big accumulation level, technically speaking.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Considering my long term analysis of the pair, this support level, if it holds, might send the price up strongly, being a big accumulation level, technically speaking.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Comment:
Good progress, this might be the start of the move.
Comment:
You may add to longs with the same stop loss, risk 1/2 of your first entry.
Comment:
I'm still bullish EURAUD, the bet is AUDUSD will fall faster than EURUSD. Let's see if we hit my target before flipping short again.
Trade closed manually:
Out for now, need to see if EURUSD falls on Friday post NFP, it seems highly probable. This would render this idea useless if the monthly mode support fails. EURAUD would tumble despite AUD not rallying vs the dollar (in that event).
