EURAUD top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
Euraudtrade
EurAud- Towards my 1.59 target?After the recent low slightly under 1.54 from the end of October, EurAud has started to trade higher and managed to break above 1.56 resistance early this month.
Now the pair is consolidating and forming a pennant and a break of the resistance trend line could lead to more gains and we can see EurAud testing 1.59 resistance
I'm bullish as long as the price is above 1.56
EurAud- Strong reversal from supportSince 22 September, EurAud has dropped almost linearly and the price fell almost 1000 pips and has reached 1.6350.
This zone is a strong support one at this point and acted as such in the past 4 years.
I expect this support to hold once more and the pair to rise and challenge 1.69 resistance
Dips against 1.6350 should be bought
EurAud false bullish break ?Still having bearish bias on this pair. With previous bearish momentum, it is currently forming a continuation pattern. We need a confirmation break for this trade as it is sending mix signal currently on the chart. It is expected price to break the major trendline to form a new low.
EurAud- Where to buySince the double bottom market with March's low, EurAud is trading in a clear ascending trend.
Now the pair is in a normal correction after the recent 1.64 high and this can offer us a good opportunity to join this trend
1.6 is both psychological and confluence support and is the zone where I'm looking to buy
EURAUD: Ride the WaveTrading zone to zone can be made simple with the understanding of smart money concepts.
In this example, the price pushed away from the bearish order block that created the initial dive.
Once we got bearish confirmation, we refined our entry and placed our order.
Now we sit on our hands and manage risk ready for FOMC
Good luck!
Potential Head and Shoulder Pattern Spotted @ EURAUDFX:EURAUD [/symbol
Friends,
[ b]H&S pattern and rising wedge are brewing on EURAUD (1D TF) with a potential price move of about 1000 pips (10,000 ticks) if measured from resistance area formed by left shoulder (potential right shoulder) to height projection of the H&S from it's neckline.
2 sell positions will be appropriate with TP1 @ the neckline while TP2 @ the end of the rising wedge.
Good luck to us all.
PPPDirhams...
Follow my ideas at your own risk!