EUR/AUD Trade Setup: Short at Daily Resistance
EUR/AUD has made an extended move higher, approaching a key resistance zone. Similar to GBP/CAD, I’m looking for a short entry on a test of daily resistance, anticipating a potential rejection.
🔹 Trade Notes:
📊 The pair has shown strong upside momentum, but price is nearing an area where sellers have previously stepped in.
⚠️ With risk sentiment stabilizing (as suggested by the VIX’s upper wick), we could see EUR underperformance vs. commodity currencies like AUD.
🔹 Trade Plan:
🔻 Pending Short Order: Waiting for price to test daily resistance before entry.
🎯 Target: A move lower toward the 1.653 - 1.648 zone.
🛑 Risk Management: Stop-loss above resistance, adjusted based on price action.
Guide for Execution:
✅ No Martingale: All new positions are the same size as the first to maintain proper risk management.
✅ Remove Untriggered Orders: If the target is hit before the pending order is triggered, the order will be removed.
Watching for confirmation before execution—will this resistance hold, or is EUR/AUD ready for another leg up? Let me know your thoughts! 👇
🔹 Trade Notes:
📊 The pair has shown strong upside momentum, but price is nearing an area where sellers have previously stepped in.
⚠️ With risk sentiment stabilizing (as suggested by the VIX’s upper wick), we could see EUR underperformance vs. commodity currencies like AUD.
🔹 Trade Plan:
🔻 Pending Short Order: Waiting for price to test daily resistance before entry.
🎯 Target: A move lower toward the 1.653 - 1.648 zone.
🛑 Risk Management: Stop-loss above resistance, adjusted based on price action.
Guide for Execution:
✅ No Martingale: All new positions are the same size as the first to maintain proper risk management.
✅ Remove Untriggered Orders: If the target is hit before the pending order is triggered, the order will be removed.
Watching for confirmation before execution—will this resistance hold, or is EUR/AUD ready for another leg up? Let me know your thoughts! 👇
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.
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.