EURAUD Short

bigbax699

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Sunday so im looking ahead for the week beginning. Back to EURAUD and oh my days what a mover its been. The weekly resistance of 1.66 area that has been tested a few times and held over the last 5 years has well and truly been smashed. We breezed right past and upwards towards the round number of 2.00. but we rejected just before we got there. But as you can see from price action we have wicked up from the .786 fib level and it seems to be making that level a nice support shelf. Possibly for the next move upwards, you can see just above the highest price this pair has ever been at in 2009, will we get there again and break above? With australia just going into lockdown and the virus still spreading its certainly a possibility. Look for signs of a buy on that support level . Risk management as always GLIYF
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bigbax699

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Morning everyone, looking back on EURAUD today and something comes to mind that we could see some strength short term in the Ozzie dollar. With china coming back into full production this could prove to be helpful to AUD, as they are one of their biggest exporters. Yesterday we saw the biggest unemployment claims in the US, currently the dollar is falling. AUDUSD is having a nice climb upwards, and were seeing some bearish action on EURAUD . I think we could possibly see some bearish action back towards the .618 Fib If you get in now use good risk management, or wait for a drop below the support and sell on the retest. tight stops possible for a good R:R of 1:6.46 . GLIYF
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bigbax699

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Looking back at euraud today. Currently EUR has been weak across the board. Also AUD has gained a little strength. I hope you guys are still in sells from that previous resistance. Hold it down the support level it chooses next. Could be the round number of 1.7 or the .618 fib level. I think thats where the next buy opportunity will be. But for now keep holding the sells for a nice medium term trade. GLIYF
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bigbax699

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Ok so since i last looked at EURAUD and was selling it down to the .618 fib, we have dropped over 480 pips. If you have been following since the start and got in on the sell then your in well over 700+ pips. I would consider taking profit around here and waiting to see what happens next. We have some support levels coming up and also divergence on the Daily timeframe . So we may see a turn here or some sideways action. i think it all depends on what happens with AUD and their economy whilst on lockdown as its still possible for them to grow with China being back in business. Stay safe, RM and GLIYF
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bigbax699

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Well i got the level right on EURAUD for the TP. but my magic circle was a little behind the time. AUD has seen some weakness today, naturally as it has been so strong lately. So we are seeing a retrace in price on EURAUD . i think we could pullback to the small supply zone above before another push south. Good opportunity for shorts there with tight stop losses. Keep watch for that zone with the yellow circle. GLIYF
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bigbax699

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EURAUD is coming to a big area of decision of what will be the determing trend. Weve been selling from the top in multiple instances, if youve made pips along the way then congrats. My last look at this pair i was looking at price to retrace up to the supply zone but we didnt quite get there. But it did create a double top in price so im hoping some of you got onto it. The R:R was still a 1:4 if your stop loss was just above previous high on the double top . Whats next, well im looking for price to come back below the previous highs that we are used to. But will it keep tanking or will we see another buy come from EUR. doesnt look likely to me at the moment, AUD are doing well with china and the EUR is crumbling. Lets wait to see GLIYF
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bigbax699

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Looking back at EURAUD today, came down to the 4H TF to see some more current price action. Price did break below the previous low so it looks like we are retracing currently to make a lower high. Im looking to sell from the circled areas of interest and for structure to remain bearish . Other wise we might have to rethink whats the next way its going to go. New week lets be patient and see how it plays out. GLIYF

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bigbax699

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Its been a long time since ive looked at EURAUD properly, ive been waiting for price to come to me. If you check my previous posts i have had the yellow circle painted in this position for months. We are currently sitting in it, Now i think AUD is gaining momentum ive got two trade opportunities for a short. There is AUD news in 1.5Hours from now so that will give us the type of trade im looking for. If its bad we could see a pullback towards that recent resistance area . We could sell from there with a short stop, or if the news is good we could see a drop through that long trend and support level . The best option is to sell on the pullback and retest. So two good ideas to get a nice short in and hold. WE still might see some more bear movement
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bigbax699

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Looking back at EURAUD today. Naturally we had a bottom form and seeing a pullback in price. but to me it still looks bearish . My trade idea for EURAUD is that we have broken the long term uptrend from 2017, so i think we will see some more bearish action. Very simple break and retest to play out on this one. I just hope price can get up to that zone for the retest. nice R:R of 1:5 to the bottom of that range that its used to sitting in we can see from the left. GLIYF
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