ThaboZA
Long

Time to BUY EURAUD? Let's see...

FX:EURAUD   Euro / Australian Dollar
EURAUD             has been bullish for the past couple of days, and for the past 5 days (to be specific), the pair has managed to retrace 61.8% of its bullish move. Friday's candle has a long-ass lower wick which managed to reach the 61.8 Fibonacci retracement level which also confirms bullish momentum being dominant.

Looking at the bigger picture - there's a descending triangle in play and price is fresh off the triangle's support zone around 1.44330/1.43506. With this setup, I'm anticipating a fifth test of the triangle's resistance (diagonal) and possibly a breakout (likely) of the diagonal resistance since this chart pattern is a trend continuation pattern.

Heed fundamentals!

What do you think?

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