{quote} RR when you say be prepared for a rally how many pips would you be looking for and over what length of time ?
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Don, obviously with latest price action on gold, it's trading @ 1305, so we have to be careful with AU longs NOW, the EU AU short trade is supported now by EU trading below-close to 3800.
Gold important area is 1295 - 1340. This is neutral trading area for gold, so it can range in that zone.
If Bears manage to close D1 below 1290-1295, I would look to cover AU LONGs. If Bulls take price above 1340 and D1 close above 1350 - you can look to add AUDUSD LONG.
It's quite possible that AU will stay in the range 9300-9400, while EU will dive from 3800 to 3500-3600, this will still result in EUAU trading lower (TP1 4500 TP2 4400 TP3 4300).
guys EU AU confirmed DB on H4 @ psych level 4650 I got out, sold full position. Also sold out AU. Sold total of 40 mln. I'm out / flat now. The CNY data today could send AU to 9240-80 before any upward continuation.
Overall, I'm sold out. Please be careful on EU AU / AU.
guys eu au confirmed db on h4 @ psych level 4650 i got out, sold full position. Also sold out au. Sold total of 40 mln. I'm out / flat now. The cny data today could send au to 9240-80 before any upward continuation. Overall, i'm sold out. Please be careful on eu au / au.
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aud usd active scenario on daily chart.
eu au can pullback to 4850-4900 area now, especially since nothing seems to be killing off the euro, not even dollar positive data releases.
{quote} aud usd active scenario on daily chart. Eu au can pullback to 4850-4900 area now, especially since nothing seems to be killing off the euro, not even dollar positive data releases. {image}
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buy setup on aud usd is subject to price holding the zone @9240-90. If price breaks below, scenario invalidated.
Reversal from the descending trend line resistance pushing EURAUD towards 1.4738 – 1.4730 and then 1.4690 – 1.4685 support zone. Should the pair manage to clear 1.4820, it can rally towards 1.4870 and 1.4960 resistance levels; though, 1.4920 can provide intermediate resistance to the pair above 1.4870.
