We took a beautiful short setup on this pair about 1.5 weeks ago. Took it down to our TP at 1.6189 for about a 235 pip trade.
EUR/AUD pair has been in some what of a large range between 1.619 - 1.657 all summer.
We believe that this pair will continue on a large weekly downtrend however in the short term these large bounces can easily be 100-300 pip ranges that you can trade.
Market closed below the important 1.625 level we've been watching and we believe that there could be a continued sell off going into next week. Further rally could take us up to 1.635 (stop hunt)
We'll be waiting for a better setup at open. More candles below the 1.625 we'll begin to enter our short positions again.
EUR/AUD pair has been in some what of a large range between 1.619 - 1.657 all summer.
We believe that this pair will continue on a large weekly downtrend however in the short term these large bounces can easily be 100-300 pip ranges that you can trade.
Market closed below the important 1.625 level we've been watching and we believe that there could be a continued sell off going into next week. Further rally could take us up to 1.635 (stop hunt)
We'll be waiting for a better setup at open. More candles below the 1.625 we'll begin to enter our short positions again.