Price has dropped perfectly from our resistance area yesterday and has risen to test our descending resistance once again. A further drop is expected below major resistance at 1.5417 (bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement) to push price down towards 1.5285 support (Fibonacci extension, horizontal swing low support)....
Price is testing major descending resistance at 1.5419 (bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement) and a strong drop could possibly occur at this level to push price down towards 1.5285 support (Fibonacci extension, horizontal swing low support). Our next major level of resistance is at 1.5478 (78.6% Fibonacci...
EURAUD is now testing major support at 1.5335 onwards (Fibonacci retracement, horizontal overlap support, recent swing low support) and a strong bounce could occur as this level to push price up to at least 1.5112 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 2% and a corresponding bounce...
EURAUD - Daily time frame. I was anticipating a reversal pull back on this pair for a few weeks and now i can see this pair and euro pairs falling into a corrective structure on daily time frames. After this big corrective move I see further strength in euro pairs and another extension/impulsive move to the upside on weekly time frame.
Volume has been created and the zone has been made. Price will move inside the zone and retesting the zone validating the downward move. Watch for selling opportunity by the successful zone test. If zone break that mean zone is invalid and must search another pattern.
The recommendation is to watch for short opportunities down trend move.
EurAud - H4 chart - I prefer shorts due to the current H4 structure which shows many confluences for downside including a H&S pattern, retest of trend lines and supply zones and a fib retracement with targets down to the next H4 support. Decent Risk to Reward on this trade.
EURAUD on the 4 hour time frame had a nice break-out from the upper range. From this point we will buy EurAud and follow the break-out. Next resistances are our targets and support our stop-loss.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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EURAUD is right now forming a nice ascending channel with price close to the lower range. It looks like EURAUD has enough strength to fly up further towards it next resistance.
Open: CMP
TP: 1.5079 > 1.5150
SL: 1.4940
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
Please comment below and Like if you agree with my analysis.
EURAUD on the daily time frame has broken the upper range fueling up for attacking 1.50. Stoch also looks great
TP: 1.52
SL. 60 pips from current market price. or 80 depending on our equity
Looking to enter short trades upon price bouncing off from resistance.
Volume is starting to weaken as price moves up indicating market exhaustion.
Another way of trading this pair is to wait for price to break below the potential Double Top Neckline.
