EUR/AUD has been in a consolidation area for about a week and seems to have taken the impact from the last uptrend.
As we can tell from our indicators, this pair does not seem to have the steam left to go further high. Thus, we can open a short position for the reversal of this pair back to 1.54.
Our Stop Loss needs to be higher than the last highs. Recommended at 1.59.
If the pair fails to break down and begins to show some sign of strenght, which I don't expect to, then open a long position. Until now, from the looks of it, this pair seems very week and the resistence has acted well.
The impact has been taken, and a reversal is imminent.
Happy trading!
As we can tell from our indicators, this pair does not seem to have the steam left to go further high. Thus, we can open a short position for the reversal of this pair back to 1.54.
Our Stop Loss needs to be higher than the last highs. Recommended at 1.59.
If the pair fails to break down and begins to show some sign of strenght, which I don't expect to, then open a long position. Until now, from the looks of it, this pair seems very week and the resistence has acted well.
The impact has been taken, and a reversal is imminent.
Happy trading!
Note
Give it one more day. As soon as the 10 and 20 emas get closer to the 50 ema and/or crosses over it, we would have our confirmation of the move.Note
IMPORTANT: If the prices aren't able to break under the 50 EMA, then the reversal move is cancelled and a bullish continuation position should be opened (As the 50 ema was not broken and acted as support).Note
Second entry opportunity has presented itself to ride the bearish trend until the end of the month. If the price breaks the 1.57 area, this trade is cancelled. However, as soon as it breaks the 1.56 area, the move further below begins.Note
As EUR/AUD hits its important Ema's (8hour, 12hour, daily), we'll have to see if they can act up as the resistence or not / whether EUR/AUD has the capacity to break them back up or rather accept it as resistence and continue with the bearish long term...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.