FX:EURAUD Euro Fx/Australian Dollar
Looking at the EUR vs AUD 4 hour time frame we see price breaking outside of the Kumo cloud for a Kumo breakout. The Kumo is the last line of resistance within the system at about 1.47215. Price broke out of the range below the Kumo at 1.46000 and continued though the Cloud. Since price is about 150 pips away from the Kijun I am expecting a pullback. If the Kumo could hold support then we should see price stay outside of the Kumo. My issue here is if price pulls back after breaking the Kumo we could see a retracement of about 50% which would take us to the Kijun at 1.46000 therefore stopping us out on the trade. If price continues upward and the Kumo holds support then we are looking at moving to our target at 1.49571. Have a great trading day and God bless!