EURAUD - Overview on Weekly Timeframe - Short Opportunities

OANDA:EURAUD   Euro / Australian Dollar
Another very interesting pair at the moment is OANDA:EURAUD .
As we can clearly see in the weekly timeframe chart, after a trend reversal to the upside that had a nice impulsive movement between 2012 and 2014, the pair is in a big sideways move that still needs to complete itself, before resuming the uptrend. In this respect, we believe that the pair still has to complete it's "C" wave, which became more complex. Looking at the structure in these terms, we have therefore been following the structure in the ending diagonal pattern it has been forming to the upside in the recent months, which we believe is already over and will break to the downside, bringing the pair all the way to retest previous lows in the 1.35 area. Please note that this last wave to the upside, which has formed said ending diagonal , is a pattern within the C wave, and it does not have to break the previous top, because the top has already been broken by the "B" wave.

Updates on smaller timeframes will follow.

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