Hey Trader :)
Looks like a nice rising wedge pattern ! Wait for a breakout. We watch the lower timeframes for an entry- if we see a good opportunity we will post it !
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- Price is in a long-term symmetrical triangle
- Price is testing the lower trendline of the triangle
- Price will bounce off support and move higher
- Price has tested this trendline multiple times demonstrating strength
- Aussie employment numbers release on Wednesday. The forecast and results have been volatile.
As EUR and AUD complete their yesterday big move, now i think there might be a opportunity for EUR/AUD here. Here this could be a possible bottom for EUR/AUD to stop(A=C), and start a bounce. Conservatively, i think this rally can be at least up to 1.5622(TP1) and 1.5669(TP2).That is around 0.382 FIB/76.4% distance and 0.5 FIB leve/100% distance of wave D. ...
Today’s Fed announcement that “many” Fed members are too concerned about global growth (especially China) to raise rates soon sent the USD into a tailspin. The announcement also emboldened the AUD against the EUR. The Eurozone is China's largest trading partner, and it stands to reason that a weak China is bad for the Eurozone. The same is true for the AUD,...
If you listen to the rhetoric around the Euro you would think the currency was crashing:
EUR/USD keeps the bearish view – Scotiabank
EUR/USD visits fresh lows post-US data
Most of this negative Euro-rhetoric is more about the USD than the Euro. While the Euro has had some significant negative days, the currency is slightly higher today than it was one month ago...
Just checking with elliot waves to see complete structure formation with fib ratios :)....
Found good support @ 23.6% 1.4424 (Point C)
Second opportunity presents after False break indication (Point E) Inside bar candle @ E
Third Opportunity presents again at Point X @ 38.2% 1.4495 (Rising Three Pattern)
Well if Greece Defaults, expecting price to go down to 0.38% Ratio of fibo level==1.4333. Max oversold expected around 1.4212, could act like a support swing point.....If price swings from 1.4212 again expect price to later head towards 0.764 Ratio 1.4959 :)
After the RBA cut rates on Tuesday mornig the Currency became nuetral as the forward guidance for monetary policy suggests rates to be held at 2.00% The Euro has pulled back significantly recently put is struggling to break the 11400 against the USD even will all its' weakness. I expect a correction on the EURO to the downside and this looks like a great set up to me
My analysis is based on elliott wave.
EURAUD seems to be completed wave 4 with 38.2% retracement.
I'm expecting the market to fall and begin wave 5.
The bearish channel gives us extra confirmation.
Our target is the lower boundary of the channel.