EURAUD analysis-Sell for November 02, 2017
Hey guys,
There is price action bear divergence pattern relative to the stochastics which are moving lower. Other than that sell signal, there is a clear double bar reversal happening at the 3rd quarter of this wedge meaning at any time there will be a break out. A break out below the 20 period MA and support trend line will be desirable for AUD bulls looking for free swap money.
In the monthly chart EURAUD Technical Analysis, there looks to be a potential head and shoulder pattern with recent highs testing the neck like at 1.554. Secondly, with technical formation in the daily chart, I will look to sell tomorrow especially if there is a strong break below the 20 period MA in the daily chart.
This will turn out as follows:
Sell: 1.505
Stop Loss: 1.52
Take Profit: ideal below 1.41 but look for a risk reward of 1:3
As always, let me know what you think in the comment section.
There is price action bear divergence pattern relative to the stochastics which are moving lower. Other than that sell signal, there is a clear double bar reversal happening at the 3rd quarter of this wedge meaning at any time there will be a break out. A break out below the 20 period MA and support trend line will be desirable for AUD bulls looking for free swap money.
In the monthly chart EURAUD Technical Analysis, there looks to be a potential head and shoulder pattern with recent highs testing the neck like at 1.554. Secondly, with technical formation in the daily chart, I will look to sell tomorrow especially if there is a strong break below the 20 period MA in the daily chart.
This will turn out as follows:
Sell: 1.505
Stop Loss: 1.52
Take Profit: ideal below 1.41 but look for a risk reward of 1:3
As always, let me know what you think in the comment section.
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