EUR/AUD (VIP)
EUR/AUD
Aside from the death of the Pound, we're seeing not much movement today as to be expected from a Monday with now real fundamental data and a complete lack of technical volatility over the last 2 months. However, due to seasonality we can expect technical volatility to begin to pick up as of this week following into the fall.
Anyway, EUR/AUD has caught my attention this morning, as a few confluences have lined up. This includes the 3rd drive into the descending trend-line of the current near term downtrend, at the key level of 0.61, just above the 61.8% fib of the previous swing high to swing low. I will be being patient to enter this trade short, however if we ignore the fundamentals of this pair at this time, an easy 160 pips are up for grabs.
I'll be looking to enter short after a strong 4-hr candle close below 1.608
Aside from the death of the Pound, we're seeing not much movement today as to be expected from a Monday with now real fundamental data and a complete lack of technical volatility over the last 2 months. However, due to seasonality we can expect technical volatility to begin to pick up as of this week following into the fall.
Anyway, EUR/AUD has caught my attention this morning, as a few confluences have lined up. This includes the 3rd drive into the descending trend-line of the current near term downtrend, at the key level of 0.61, just above the 61.8% fib of the previous swing high to swing low. I will be being patient to enter this trade short, however if we ignore the fundamentals of this pair at this time, an easy 160 pips are up for grabs.
I'll be looking to enter short after a strong 4-hr candle close below 1.608
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