Through my previous analysis, I've shown you several short setups for the Euro currency. These includes EURGBP, EURUSD, EURJPY, and now, EURAUD! For several days, the Euro-Aussie pair has tested the resistance several times -- and failed -- leading to a descend on prices. In addition to this, a possible fakey signal has been formed. Fakey bar occurs only after a...
Looking for some downside here in the EURAUD since it has made its way to the channel upper trend line. The time to consider short trades is at this point with a target of the channel lower trend line.
This is what I believe the trade would go if the prize crosses the support line. Keep it simple ! :)
If this demand level still have buyers, no supply on a way to 1.425
From a long term daily perspective I see it has been in a downtrend. It has retraced up to a level (1.444) it may reverse at or go up a bit (1.4500) more then finally head down to around the 1.42000 area.
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron