Nico.Muselle
Short

EURAUD - confluence all over

FX:EURAUD   Euro / Australian Dollar
664 2 9
We have loads of Fib confluence around 1.4270 coming up which might indicate we have a good reversal zone here.

Just to quickly sum it up
50% retracement of the last major move down
1.272 extension of the impulse leg of our butterfly pattern (XA-leg)
1.618 extension of the AB leg of the butterfly pattern
and finally a 1.272 extension of the last move up
last but not least there is some structure in place as well that the pair could not break through for a full 24 hrs            

Good enough for me to consider this zone as a potential reversal zone for a (temporary) move down of this pair.
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Turned into a bat, right?

It's nice to see the trendline was a bait...

Reply

Glad you got that in play too :)

Question is what do we do with that Bad USD News...
And very wierd the combination of weak NFP with the good unemplayment rate
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