lbrincat
Short

EURAUD Short Term Short Shark Formation

FX:EURAUD   Euro Fx/Australian Dollar
On the Weekly chart for this pair I can see a huge Bullish Deep Crab Pattern forming with a PRZ in the 1.31 area which was also a previous Support and Resistance area in the past as for May 2012 and February 2013. Since previous resistance becomes support I am more confident in this PRZ area.

On the Daily chart there is a possible Shark formation with PRZ at the 1.48 area which was a good resistance area in August 2016 and also at the extremes of a parallel channel which is also running in the CD Leg of the Bullish Deep Crab pattern on the Daily chart .

I am hoping that price relays to the 1.48 area and show some consolidation and RSI Divergence to go short on this pair and manege the trade till it reaches the 1.31 area which I mentioned earlier.

Daily Chart Below
snapshot

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