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Euraudforecast

Diagonal pattern and the probability of formation of an uptrend Dear traders In some charts and currencies, we cannot have an exact technical analysis, which might be due to a complex corrective wave. Diagnosis of these kinds of wave are very difficult and sometimes they are impossible to identify. In these cases, I am looking for patterns that are formed in the market, the most important of which are Diagonal and Triangle. Based on these patterns we are able to detect the correct trend for buying and selling. In the 240-minute chart, the uptrend which started in the range of 1.6120 has ended in the range of 1.6558 that was in the form of 5 waves. The corrective movement, which has been completed in the range of 1.61379, has been in the form of 3 waves. Wave C consists of the corrective movement of the Ending Diagonal pattern, which is shown in the 60-minute chart. In continuation the first 5 ascending waves that could cross through the end of the wave 4 are formed (1.6200) With the price crossing the 1.6200 range and reaching the 1.6326 range (the first 5 waves), the corrective movement started and in continuation, the uptrend has started in the 3rd wave, which can be extended up to the 1.6500 targets, which is the beginning of the Diagonal pattern. The point is, the currency’s long-term movement is mixed, but given this pattern, I can hope for the formation of a good uptrend to the range of 1.6500.
Long
by NirmataFX
EURAUD LONG PRICE ACTION FORECAST Price action could not break the strong support area; now bulls have lined up to control the pair. After the pullback in price, testing the Fib level 0.786, and forming a bullish wedge pattern, we could expect the uptrend continuation in the price action towards the previous high with a TP1 at the wedge's projection pole. The order: Type: buy-limit S/L: 37 pips - R:R | 1:5 - T/P: previous supply level -- *** If you like the idea, don't be shy, click on like and comment. If you disagree, just comment ;-) | Thanks for your support!!! ***
Long
by OGFXTRADER
EURAUD H1 SHORT PRICE ACTION FORECAST Since Tuesday, this pair has been dominated by the bears, a strong bearish bias, and the price action falling while holding the 18EMA. The downward movement might find support over the ascending trendline from a broader look (D1), it allows the setup of short entry if price retest the recently broken consolidation area, The order: Type: sell-limit S/L: 43 pips - R:R | 1:2 - T/P: ascending trendline -- *** If you like the idea, don't be shy, click on like and comment. If you disagree, just comment ;-) | Thanks for your support!!! ***
Short
by OGFXTRADER
EURAUD H1 LONG PRICE ACTION FORECAST With price action recently breaking the descending channel for a bullish continuation, it shows the bullish momentum heading towards the previous supply zone. The price has reached a resistance level where I could expect a correction before moving higher. A long entry is placed at the Fib level 5.0 and retest of the channel's trendline. The order: Type: buy-limit S/L: 30 pips - R:R | 1:5 - T/P: supply zone -- *** If you like the idea, don't be shy, click on like and comment. If you do not agree, just comment ;-) | Thanks for your support!!! ***
Long
by OGFXTRADER
EURAUD H4 LONG PRICE ACTION FORECAST Price action forming the bullish pattern of clear HH&HL, currently testing the golden fib level signaling the probable end of correction for further uptrend continuation to a new swing high. Price structure allows the placement of a long order with the following setup. The order: Type: buy-stop S/L: 51 pips - R:R | 1:3.5 - T/P: resistance level -- *** If you like the idea, don't be shy, click on like and comment. If you do not agree, just comment ;-) | Thanks for your support!!! ***
Long
by OGFXTRADER
EURAUD BUY POSITION===== MARKET OUTLOOK ===== EUR - BULLISH 1️⃣ Euro remained well supported by the latest optimism over a landmark agreement on the EU's €750 billion pandemic recovery fund – aimed at aiding the region’s worst-hit economies. 2️⃣ German Business Climate came in on the strong side in July. 3️⃣ German Q2 GDP should be better due to spending recoveries. AUD - BEARISH 1️⃣ Australia added a near record 532 cases on Monday, with the president of the Victorian branch of the Australian Medical Association Julian Rait calling stage-four lockdown restrictions. 2️⃣ Dropped in consumer inflation expectations in Q2 will affect Australia's CPI data tomorrow. ===== TECHNICAL ===== 📊 We buy #EURAUD on SMA50 area. 📊 EURAUD in bullish zone. ===== MONEY MANAGEMENT ===== 💵 Please use only 1-2% risk per trade or you can use recommended lot in pinned message.
Long
by MonsunAsia
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