EURAUD reversed off its resistance at 1.5971 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it could drop further to its support at 1.5896 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop may occur.
The Tidal Shift Strategy has just bought EURAUD at 1.59884. The system recommends entering this trade at any price between 1.59644 and 1.60124. The signal was issued because our Speculative Sentiment Index has hit its most extreme negative level for the past 145 trading hours at -1.47955, which suggests that the EURAUD could be trending upwards.The 14-period ...
Here we have a great V formation. setting us up for what could be a little pull back to where the price is at now. Or we could wait for the pull back to the FIB levels! As EUR is gaining some strength in correlation we can see our favoured side is with the EUR. Lets see what happens.
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EURAUD is approaching our first resistance at 1.5962 (23.6%, 50% Fiboancci retracement, 100% Fibonacci extension, Horizontal swing high resistance ) where we might see a drop in price to our first support at 1.5872 (61.8% Fibonacci extension, 50% Fibonacci retracement, Horizontal swing low support ).
Trading CFDs on margin carries high risk.
Losses can exceed ...
The Monthly and Daily and 60 are in an uptrend.
Need a pullback to the 60 Senkou B (or Daily Senkou B before 3 am confluence)
Entry = 1.5860
Stop = 1.5840
Risk = 20 pips
1st PT = 1.5917
Reward = 57 pips
RRR = 2.85 - 1
2nd PT = 1.6219 (the Daily Kejun Sen)
Reward = 359 pips
RRR = 18 - 1
* At the 1st PT you can either take a portion of your position off and move ...
The EURAUD pair broke out above a falling wedge pattern formed during an uptrend, which is a bullish signal. Previously, the pair respected the 61.8% Fib level and was supported by the recent weakness in the Australian dollar.