AUD has been rallying ever since the RBA rate decision, and strong PMI data. Meanwhile, the sentiment toward the Euro is bearish on account of the recent Paris tragedy. These two facts form 'perfect storm' of potential for AUDEUR, as we can clearly see. Now is not the time for optimal entry, as we've seen 5 years of consecutive rallying and are due for a pullback. The MACD/RSI combination indicates we are starting to enter "overbought" territory.
An optimal entry price for a long trade would be somewhere around 0.6597. The Fibonacci levels give optimal profit targets on the upside, as well as stop losses on the downside.
An optimal entry price for a long trade would be somewhere around 0.6597. The Fibonacci levels give optimal profit targets on the upside, as well as stop losses on the downside.
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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.