EURAUD: Cypher Pattern W/ Trend but BE AWARE.
Before checking out what's in store for us on the fundamental side of things I would have called this a no-brainer trading opportunity. On the daily chart we have recently put in a LLLC and presently we're retracing back into the previous 2 days highs. Not to mention we've had the completion of a bearish Cypher pattern at 1.3828 which I'd be looking to use as an entry reason into a TCT trade offering a good sized reward compared to it's risk.
The one concern that we need to be aware of is the 8:30 NY time RBA Monetary Policy Minutes. Will they give a drop a hint about rate cuts or not? That's the big question, and we all know (or know now) that because the Asia markets are very thin, news on the Aussie tends to react in a major way.
I'll be sure to stay very close o my computer before the announcement to avoid or rather minamize potential slippage one way or another
The one concern that we need to be aware of is the 8:30 NY time RBA Monetary Policy Minutes. Will they give a drop a hint about rate cuts or not? That's the big question, and we all know (or know now) that because the Asia markets are very thin, news on the Aussie tends to react in a major way.
I'll be sure to stay very close o my computer before the announcement to avoid or rather minamize potential slippage one way or another
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