EURAUD Head & Shoulders (4 hour)
Updated
EURAUD has formed an inverted Head & Shoulder.
Testing neckline now. Target should be 1.695.
RBA minutes should not be market moving (Tuesday) but if we get poor Labour data on Thursday, we can see Aussie sellers in control.
Geopolitical risk should favour Euro more than Aussie, unlike Ukraine-Russia War.
Europe has energy concerns but not as bad as last year. They have ample supplies to easily get through this winter.
Major risk to this outcome is massive China stimulus. This should favour AUD upside.
Testing neckline now. Target should be 1.695.
RBA minutes should not be market moving (Tuesday) but if we get poor Labour data on Thursday, we can see Aussie sellers in control.
Geopolitical risk should favour Euro more than Aussie, unlike Ukraine-Russia War.
Europe has energy concerns but not as bad as last year. They have ample supplies to easily get through this winter.
Major risk to this outcome is massive China stimulus. This should favour AUD upside.
Note
We have tested the right shoulder three times and have not moved lower.There is still hope for this market to move higher but prudent to take some chips off the table
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