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Euraudidea

EURAUD short trade ideaPlan: wait for the price to bounce off from trendline or resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 49 - Dec 01 M > Market has support of rising trend-line, price dropped to test monthly support again. W > After respecting upward resistance trend-line for some months price broke it to the upside before dropping to test rising support trend-line. Price has been dropping for past 5 weeks. D > Price broke support trend-line to the downside to test daily support and after a pull back dropped again with a false breakout. Price is now moving to the upside with strong rejection wicks at both end but has not yet created a HH. We can see strong bullish divergence and can expect upward move to continue. As per COT EUR saw addition of Long and closure of Short, increasing net positions. EXY has strengthened in past 2 weeks. AUD saw addition of both Long and Short, improving net positions (now in -ve). AXY ended in a Doji during the said period but strengthened to test monthly resistance again last week, we can expect AXY to weaken this week. For EUR Institutions, since August, have been reducing their portfolio of Long and increasing Short positions, with about 60K Long positions closed and 18K short positions opened so far. For AUD we have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -05K. Strong EUR was unable to pull price of EURAUD to the upside hence AUD must weaken to drive the pair to upside, till then we can expect price to consolidate. 4H > After deceleration price started making an upward move last week but it must break downward resistance trend-line to the upside and create a HH to confirm bullish trend. We will get an opportunity to enter Long after price drops to create a LH. Pair Correlation > EURAUD has positive correlation with EURNZD and negative correlation with AUDCHF, AUDUSD, AUDJPY, and AUDCAD on daily time frame. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Long
by AP17FX
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 48 - Nov 23 M > Market tested monthly resistance and after rejection dropped to test rising support trend-line. W > Price has been dropping for past 4 weeks, filling in wick of previous candle. D > Price created double bottom at daily support though it is still continuing with LH and LL. We can see an M formation and its neck can be our first bullish target. As per COT EUR saw addition of both Long and Short, reducing net positions further. EXY weakened during the said period however it slightly recovered last week. AUD saw further closure of Long and closure of Short, reducing net positions (now in -ve). We can see closure of Long and addition of Short in last couple of months, making net positions move from 16K to -08K. AXY weakened during the said period but recovered slightly last week. Institutions, since August, have been reducing their EUR portfolio of Long and increasing Short positions, with about 60K Long positions closed and 19K short positions opened so far. In long term we can expect weakness of EUR to continue however AUD is also weak hence correction to the upside can be expected. 4H > Price has started making HH and HL and with creation of a HH in Daily time frame we will get bullish confirmation. Pair Correlation > EURAUD has negative correlation with AUDCHF, AUDUSD, AUDJPY and AUDCAD on daily time frame. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Long
by AP17FX
9
Update: The completion of wave ii of 3Update: The completion of wave ii from sub-waves and the advent of ascending trend In the 60-minute chart, by the price, crossing the range of 1.6283 and with 5 ascending waves, we can get the first confirmation for increasing the price, also the corrective phase of this ascending trend has been completed in the range of 1.6159. We are currently hoping for a price increase in wave iii, which can be extend to the range of 1.6500. The stop loss for this analysis would be 1.6140.
Long
by NirmataFX
2
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 44 - 26 Oct M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level. W > Price was moving in a rising channel but it broke out to the upside last week. It moved bullish to test monthly resistance but dropped after rejection but candle closing above resistance of the channel. Now previous resistance of channel will turn support hence price can continue to move up. D > During its upward rise price has created two W formations. Price stopped short of neck of 1st W formation and started upward move ending the day in a Doji. Price can drop to test neck of W formation before continuing with its upward move. Hence we will have to set two targets with close watch on price action, short-term bearish and long-term bullish. As per COT EUR saw addition of few Long and more Short, reducing net positions further. EXY was weaker during the said week however it gained back its strength last week. Institutions, since last month, reducing their portfolio of Long and increasing Long positions, with total 32K Long positions closed and 13.5K short positions opened. AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week. For all EUR pair we are continuing to follow trade direction cautiously with price management. 4H > Price moved bullish creating HH and HL and after rejection it dropped creating smaller LH and LL. In its bearish move price has not broken last HL, we will monitor price action in case it drops below last HL to create another LL. Pair Correlation > EURAUD has negative correlation with AUDCHF, NZDUSD, AUDUSD, AUDJPY, NZDJPY and AUDCAD on daily time frame. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Long
by AP17FX
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 43 - 19 Oct M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level. W > After testing neck of W formation price again moved up to test previous resistance. D > Price is moving in a channel with upward incline and price is respecting both support and resistance of the channel. In past price made a range near upper band of channel, it is now at resistance level of the channel. Price has created another W formation and its neck will make price move within the range. As per COT EUR saw closure of Long and addition of Short for the 2nd time in a row, reducing net positions. EXY however improved its position for the said week because we saw reduction in overall open interest, it did not allow its position to slip. EXY was weak last week. AUD saw addition of more Short than Long positions, reducing net positions whereas N-R added Long and closed Short positions, improving cumulative Long positions to most for current year. In fact Commercials also added Long but closed Short positions, increasing total open interest. AXY further improved its position during the said week. However AXY weakened last week. For all EUR pair we are going follow the trade direction very cautiously with price management. 4H > Price is now at resistance of the channel and we will wait for reversal. Pair Correlation > EURAUD has negative correlation with AUDCHF, NZDUSD, AUDUSD, NZDJPY and AUDCAD on daily time frame. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 42 - 12 Oct M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level. W > Price created W formation and as expect it dropped to test neck and complete the formation. D > Price dropped from resistance level to test the neck, moved up till 0.786 Fib level on last bearish impulse and dropped creating bullish trend with LH and LL; price has broken last LL and and we expect it to create next LL. As per COT EUR saw closure of Long and addition of Short, reducing net positions; improving its position for the said week. EXY further improved its position last week. AUD saw addition of major Long and Short positions, increasing net positions. AXY gained strength during the said week, it improved its position last week. Overall EUR has huge quantum of net position, since past 2 quarters, with much more open Long positions than Short. This reflects Institution holding their Long positions for bigger gain in time to come, EUR will continue to be strong till the time we see major chunk of Short added for Institutions. 4H > Price is dropping respecting supply/ demand zones of opposite impulse. We need to monitor price action for pull back reversal, if it happens, and enter cautiously. Pair Correlation > EURAUD has positive correlation with USDCAD and EURNZD and negative correlation with AUDCHF, AUDUSD, NZDCHF, NZDUSD, NZDJPY and AUDJPY. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX