EURAUD
Daily Timeframe:
Looking at the chart, you can see that the market is in a downtrend, below the exponential moving average and making lower highs and lower lows. Therefore, we should only look for short positions on the lower timeframes.
4Hour Timeframe:
The market has retraced back to the descending trendline for a third touch which might reject and shoot lower. It is also situated at a crucial area where the market has previously found resistance and is at the 50% Fibonacci level.
1Hour Timeframe:
Looking at the last candlesticks, you can see that they are busy rejecting the descending trendline by making long upper wicks and by printing a bearish engulfing pattern. Looking at the momentum, the bulls are losing strength to the bears. Before entering a short position, we need to wait for more bears strengthening and a potentially brake below the 1hour exponential moving average.
TP 1 @ 1.6550
For more market breakdown, follow me on IG @ APASTORFX
Looking at the chart, you can see that the market is in a downtrend, below the exponential moving average and making lower highs and lower lows. Therefore, we should only look for short positions on the lower timeframes.
4Hour Timeframe:
The market has retraced back to the descending trendline for a third touch which might reject and shoot lower. It is also situated at a crucial area where the market has previously found resistance and is at the 50% Fibonacci level.
1Hour Timeframe:
Looking at the last candlesticks, you can see that they are busy rejecting the descending trendline by making long upper wicks and by printing a bearish engulfing pattern. Looking at the momentum, the bulls are losing strength to the bears. Before entering a short position, we need to wait for more bears strengthening and a potentially brake below the 1hour exponential moving average.
TP 1 @ 1.6550
For more market breakdown, follow me on IG @ APASTORFX
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