EUR/AUD Short Opportunity
Keeping it simple.
From a price action perspective, the price reached the top of the ascending channel with a rising wedge formation signaling the start of a possible reversal to the downside.
Also, EUR/AUD finished 5 waves up, and looks like it is time to see an ABC correction to at least retest the previous wave 4 at 1.5971 which is also the 78.6% Fibonacci Retracement.
My first target for this trade will be the bottom of the rising wedge at 1.6070. Breaking it will push the price towards the new lows (the previous wave 4 and probably the bottom of the big ascending formation at 1.5920).
From a price action perspective, the price reached the top of the ascending channel with a rising wedge formation signaling the start of a possible reversal to the downside.
Also, EUR/AUD finished 5 waves up, and looks like it is time to see an ABC correction to at least retest the previous wave 4 at 1.5971 which is also the 78.6% Fibonacci Retracement.
My first target for this trade will be the bottom of the rising wedge at 1.6070. Breaking it will push the price towards the new lows (the previous wave 4 and probably the bottom of the big ascending formation at 1.5920).
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