OANDA:EURAUD   Euro / Australian Dollar
Looking at the daily we can see momentum has slowed as price nears a key level. My only hesitation is the EUR group as a whole is starting to pickup strength. But so is the AUD group, just not as fast. So this could range a bit here. This is why I would like to see a spike above my blue line and the aggressive sellers to show up. If I get this probe I will be looking to take a short on the retest back to the blue line. I will be targeting the 1.55500 handle for 1st TP and re-evaluate at that point.

On the 4 hour chart we can see price trying to make a range. If we get that spike up and back down this will show up as divergence on the MACD and will give me confidence to trust my short bias.

My other scenario is that price blasts up above my blue line with a lot of aggression and then struggles to pull back to it. I still would be a bit cautious on buys because we have a lot of trouble to the left at this location for price to get rejected at any point. So I would need price to break above the 1.5900 with a skinny leg and then struggle to come back and retest. I would target the 1.61000 handle if this happens.

This is a daily chart so a little patience is needed. Let price action lead the way. Whichever direction it decides I have a plan of action. With that said I do lean towards sell more than buys here.
All the analysis is based on techniques from:

https://www.urbanforex.com/

Check out our in house strength meter app we use for all our analysis on the app store.

FX Meter : https://itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8

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