EURAUD long entry
EURAUD went up from 1.37 above 1.62 without any meaningful correction from April until early October. There is a correction unfolding now, and the 61.8% retracement seems to hold as the price posted a doji like formation yesterday.
DXY index is approaching key level at 100, which was a hard one last time this year. I think USD appreciation is justified however the extent and the pace give reasons for concerns. There should be a correction coming, and when to have it, if not at strong resistance levels and approaching FED hike. Buy the rumor sell the fact phenomenon will work this time as well, I assume.
I was looking a vehicle to long the EUR, where I see the signs of exhaustion of the weakening. I think I have found the correct pair, I vote for EURAUD short.
DXY index is approaching key level at 100, which was a hard one last time this year. I think USD appreciation is justified however the extent and the pace give reasons for concerns. There should be a correction coming, and when to have it, if not at strong resistance levels and approaching FED hike. Buy the rumor sell the fact phenomenon will work this time as well, I assume.
I was looking a vehicle to long the EUR, where I see the signs of exhaustion of the weakening. I think I have found the correct pair, I vote for EURAUD short.
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