From the August top, AudUsd was trading downwards, with 4 lower highs and clear support at 1.6.
A daily close under 1.62 would announce a false break and would open the door for the 1.6 important psychological support
Sell the break
SL @ 1.6330
TP @ 1.6
EURAUD bounced off 1.61905 where it could potentially rise further to 1.62699.
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Euraud h4 outlook
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We did enjoy a 270pips profit run in our last trade on this pair (see link below for reference purposes). Find in the description below plans for another trading opportunity building up;
Tendency: Temporary Uptrend ( Bullish )
Structure: "W" Pattern forming | Double Bottom
Observation: i. Price begins a...
Pushing back to the upside looking like a decent short opportunity, I am not jumping in yet but I am watching very VERY closely. This is looking really nice, but it will be smart to sit on our hands for the time being.
EUR/AUD is likely to form a Head & Shoulder pattern on the 4hr chart.
Expecting price to drop , waiting for price action to confirm.
Focus Time Frame: 4H/1H
1D Short Term: Downtrend
1D Long Term: Uptrend
After brief consolidation the EUR/AUD’s rise from 1.5976 resumed and intraday bias is back on the upside. Friday’s daily candle came out as a bullish Marubozu candle, which indicates that the buyers are in control. Additionally, the today breakout on daily chart above Friday’s high may push the price upside with good bullish momentum.
But the H4 chart shows that...