Potential long swing trade for EUR/AUD
Updated
EUR/AUD closed lower for five consecutive days last week during a week of volatility and turbulence. With the Fed and five other central banks announcing a coordinated effort to provide liquidity for US swaps, and UBS agreeing to purchase Credit Suisse over the weekend, perhaps there's potential for it to confirm a swing low.
Last week's low found support at the 20-day EMA, trend support and 38.2% Fibonacci ratio and the daily closes held above the monthly R1 pivot.
The bias is for a move towards 1.6100 (monthly R1 pivot) whilst prices hold above last week's low - or trend support can be used to fine-tune risk management.
Last week's low found support at the 20-day EMA, trend support and 38.2% Fibonacci ratio and the daily closes held above the monthly R1 pivot.
The bias is for a move towards 1.6100 (monthly R1 pivot) whilst prices hold above last week's low - or trend support can be used to fine-tune risk management.
Comment
A strong move to the upside exceeded the initial target and broke to a fresh cycle high. With prices consolidating, we're happy to step aside and reassess.Trade closed: target reached
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