EURAUD Short

[bigbax699]

Good morning all, new trading week begins. Have a possible trade for EURAUD today. As we can see from cornering the market last week we have got a breakout in price to the upside. It's a pity we didn't hold the original buy from the demand zone right at the bottom, which is what i usually do. but I thought the bearish momentum would continue. Never the less we have a possible buy setup here, i would like to see price fall back a little and test the breakout giving us an entry to go long. Watch for support to form over the next couple of days, if we get a nice doji or 50% candle we can look to enter. Should be easy to take. GLIYF

 

[Treacle]

Watching this one with you......could do with some Eu strength for some of my other trades

 

[sebking1986]

I like this set up. Small retracement and then aim for the high.

 

[TareqS]

It is going to be a solid long setup if the price comes down to the breakout level and produces a bullish reversal pattern. The chart shows that the price has enough space to travel towards the North. It means it has a lucrative risk-reward, which may attract more buyers to push the price with good momentum as well.

 

[Adrian_br]

Yeah, there is major cross over of 20 and 50 ema at 1.573 level.

 

[JimmyRozza]

A retest is always a great entry point. I may take this trade myself, thanks

 

[momo3HC]

Invalidated.

 

[bigbax699]

Good morning all, couple of idea's today for EURAUD . Last time out i was looking for a buy at the demand zone , but price dropped right through breaking the zone. For the next position I think I will wait for the break out of this wedge formation. Let price show us the next direction as it has been choppy this pair of late. With Christmas coming up I like to take a week off to relax so will most likely place a longer term smaller position to let run through the Xmas period. Therefore it is a good idea to get the direction of the move first. Mark up your charts and wait for price to show us the way first. GLIYF

 

[sebking1986]

I think I lean towards the short on this pair. Feels like the weekly structure hasn't really been broken. COuld very well go either way though as you say. React don't predict as they say.

 

[TareqS]

The pair has been bearish in the daily chart. However, the price seems to have found its support around 1.56000. It produced two bullish candles. One of them closed above the bearish trendline's resistance. The buyers may look to go long upon getting bullish move.