EURAUD has had multiple short trade confirmations.
Firstly, the pair faked out of a resistance level and bounced back in range to test the previous support level.
Secondly, the pair broke out of a bearish rising wedge from the fake out with a momentum candle to the downside, testing the aforementioned support level.
Thirdly, the pair broke out of an up trend trend line to the downside, testing the aforementioned support level.
1.Currently, EURAUD is expected to retest both the up trend trend line and resistance level from the downside in order to tank, possibly to test the 1.52700 support area (this is where the pair formed a double bottom pattern).
Entry 1.55525, Stops 1.56025, Targets 1.54500 & 1.54000
Trading ideas are subjective. Individual analysis advised.
Firstly, the pair faked out of a resistance level and bounced back in range to test the previous support level.
Secondly, the pair broke out of a bearish rising wedge from the fake out with a momentum candle to the downside, testing the aforementioned support level.
Thirdly, the pair broke out of an up trend trend line to the downside, testing the aforementioned support level.
1.Currently, EURAUD is expected to retest both the up trend trend line and resistance level from the downside in order to tank, possibly to test the 1.52700 support area (this is where the pair formed a double bottom pattern).
Entry 1.55525, Stops 1.56025, Targets 1.54500 & 1.54000
Trading ideas are subjective. Individual analysis advised.