EUR/AUD

Looks like it's getting ready for a big move down? Recently formed a double top, and pretty close confluence at 3 points.

The trend is up on the weekly. Beware! Possible pin bar forming on the 4hr, but still way to early.

Hello ScottH,

My charts show about 90 pips to the downside but we have interest rate news tomorrow from GBP & EUR. Because they are parallel pairs with the USD, the news can change the direction of the charts.

We'll see if the rates go up -- then selling may not be a good idea. If the rates remain the same, that is probably already priced in the market -- then selling may be a good idea.

Just my 2 pips worth.

Happy Trading,

Ronny C.

thanks for your thoughts, time shall tell

Getting nice PA on the 30min chart, for a possible fib retracement. Still in wait and see mode, but would likely look for tp in 360 range if PA confirms a retrace. Hopefully out before the news later today.

Edit: good thing I took the wait and see approach. Looks like it has more bite in the down trend. Keeping my eye on this pair. For a possible short off the peak or long off the retrace (or both), depending which shows itself more prominent.


Edit update two, hitting a lot of support of april prices here. April 25th low, and 3rd to 5th congestion, the 12ths high, as well as this months, 24th's low.

Really nice PA on the 30 min and 1h charts forming, 30 min is on an upswing. Areas of interest 351 and 363 (50% fib and daily s2). Still cautious on this pair, 5min has mostly run course with 15 min support with little movement (small stop). With good resistance at 23 fib (337) which is also the weekly s1.

Edit: update to close for comfort, 1 pip from my stop, still making lower lows and lower highs. Looking for an exit on this one if I don't get stopped first, we'll re-evaluate later.

Edit 2: stopped out for a 18 pip loss including spread. It happens, it's only 18. My mistake, didn't notice I was so close to the 300 mark, should've waited for a bounce of that. Live and learn.