EUR/AUD looks ready for reversal
EUR/AUD is in a really interesting spot right now. Ambiguous data from both countries. Strong bullish trend in the last few months. Currently sitting at a historically important support/resistance line in an ascending wedge. Stochastic is diverging on the 4h aswell which is a nice sign.
Setup
Entry: Looking good right now. Await nice fat bearish candle with DEMA cross-over for confirmation.
Exit: At the teal trendline, which is many pips down. I guess it could turn again at 1.55500. Start taking profits at 1.57200, then 1.56600 and then let the rest run.
Risk: Limited risk, currently sitting at resistance. If it's going to go higher it will consolidate first for some time. I would put a fairly tight stop loss at 1.58600 or even tighter, as we're looking at a trade that should get going immediately. Sideways movement is a bad sign.
Setup
Entry: Looking good right now. Await nice fat bearish candle with DEMA cross-over for confirmation.
Exit: At the teal trendline, which is many pips down. I guess it could turn again at 1.55500. Start taking profits at 1.57200, then 1.56600 and then let the rest run.
Risk: Limited risk, currently sitting at resistance. If it's going to go higher it will consolidate first for some time. I would put a fairly tight stop loss at 1.58600 or even tighter, as we're looking at a trade that should get going immediately. Sideways movement is a bad sign.
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