EURAUD Long Trade - *Descending Wedge Pattern & Demand Zone*
Updated
Here is a long trade I have taken on EURAUD but unfortunately did not manage to post to trading view before my entry. I will cover the basic analysis for entering this trade below:
Technical Analysis:
- Descending Wedge Pattern
- Price is Squeezing
- Rejections of 1.57/1.57150 support zone
- Anticipation of the wedge breakout
Fundamental Analysis:
- Gold price dropping should influence AUD negatively
- Anticipating negative AUD data
A full breakdown of this trade can be found on my blog by clicking on the link below:
diaryofafinancekid.com/2019/04/24/trading-basics-finding-price-support-and-buying-before-the-break/
Technical Analysis:
- Descending Wedge Pattern
- Price is Squeezing
- Rejections of 1.57/1.57150 support zone
- Anticipation of the wedge breakout
Fundamental Analysis:
- Gold price dropping should influence AUD negatively
- Anticipating negative AUD data
A full breakdown of this trade can be found on my blog by clicking on the link below:
diaryofafinancekid.com/2019/04/24/trading-basics-finding-price-support-and-buying-before-the-break/
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