Follow up to my previous analysis for EURAUD (
Price managed to make 3 bearish candles and broke the low of the previous bullish bar. If today's close is bearish, it would be good news for shorts. But if it forms a pinbar (reversing losses on ECB conf.) then we wait for more validation.
Enter on a retest of the trend line (probably next week...?) or if price breaks the neckline then on a retest of the neckline. But I expect some bounce once price hits the neckline/support zone. 1.53628 will be a level to watch out for. Fib levels to act as partial profit booking.
Today ECB review and on Friday we have RBA Gov. speech and NFP later, so tread with caution.
Note: EURAUD shorts will work only on a weaker Euro, assuming RBA could talk down the Aussie again.
Weekly charts, show a bearish engulfing candle being formed at the time of writing, if this continues, it adds weight to the short bias. I suppose EOD today will give further clues.
Price managed to make 3 bearish candles and broke the low of the previous bullish bar. If today's close is bearish, it would be good news for shorts. But if it forms a pinbar (reversing losses on ECB conf.) then we wait for more validation.
Enter on a retest of the trend line (probably next week...?) or if price breaks the neckline then on a retest of the neckline. But I expect some bounce once price hits the neckline/support zone. 1.53628 will be a level to watch out for. Fib levels to act as partial profit booking.
Today ECB review and on Friday we have RBA Gov. speech and NFP later, so tread with caution.
Note: EURAUD shorts will work only on a weaker Euro, assuming RBA could talk down the Aussie again.
Weekly charts, show a bearish engulfing candle being formed at the time of writing, if this continues, it adds weight to the short bias. I suppose EOD today will give further clues.