Eur-aud
EURAUD - WEEKLY OUTLOOKThis weird and wonderful pairing continues to consolidate and range in a 500 pip zone providing us with plenty of intra day opportunities.
I favour sells underneath the 61.8% fib area to retest the absolute lows of the range, so sub 1.63 sees 1.61 in my opinion after the Double Top rejection of the channel and the sell off friday. Plus, the weekly chart shows us 2 strong full candles matching each other before last weeks doji!
For buys, we need to get back above the 50% fib area - so we have around a 50 pip no trade zone between the 2!
EURAUD - DAY TRADE VIEWEURAUD - Looking good on hourly candles trying to reverse back from the support zone.
My approach will be a buy here at current price 1.63400
Maintain stop loss 1.63070
Potential upside target 1.63750 - 1.64020
Follow the levels as mentioned above.
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EUR AUD possible short and longer term long trade, Welcome!
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EUR/AUD Staying in the Range🔸4H CHART EXPLANATION:
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🔸Last week we posted an Idea on this pair when it was facing the Resistance Zone, talking about the two possible scenarios.
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🔸Finally, the scenario is bearish. It was not able to penetrate the Resistance Zone, and it was rejected strongly.
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🔸We consider that this pair has bearish potential to reach the Support Zone.
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🔸 Will look for a lower timeframe bearish setup.
🔸 DAILY CHART ANALYSIS:
Short EURAUD - Fundamental and Technical AnalysisFundamentals:
Europe is entering the winter season and fears of a second wave is on the horizon. Cases are steadily increasing.
Australia is approaching the summer season after a relatively low number of covid AND flu cases in the winter season.
Brexit talks this week with a gloomy outlook. Brexit shouldn't heavily affect the Euro, but it could, and the outlook seems bearish.
Australia's economy hit rock bottom last month with the government announcing a budget deficit. All else equal, the budget deficit should boost the Australian economy and thus the AUD.
China's economy is showing signs of a recovery. AUD is strongly positively correlated with the CNY.
Conclusion:
- Bearish EUR
- Bullish AUD
Technicals:
Price was rejected at a key supply area 1.65558
Price is trading at a downtrend in the lower time frames (H1)
Price is flirting with the 23.6% Fib level
EURAUD appears oversold SELL
1.65291 - 1.65769
Signal ID: 73429
Time Issued: Thursday, 24 September 2020 05:00:05 GMT
Status: open
Entry: 1.65291 - 1.65769
Limit: N/A
Stop Loss: 1.66487
The Congestion Opportunities Strategy has just sold EURAUD at 1.6553. The system recommends entering this trade at any price between 1.65291 and 1.65769. The signal was issued because the 28-hour Relative Strength Index indicates that the EURAUD may be oversold, while the Speculative Sentiment Index reading of -1.41791 indicates that trader sentiment is not at extremes.The 14-period Average True Range on a daily chart is 0.00956, so the stop loss has been set at 1.66486. This stop loss order is a trailing stop that will move down as the market moves down. There is no profit target for this strategy. We expect to be closed by the stop loss.Congestion Opportunities is a range trading strategy that aims to sell overbought currency pairs and to buy oversold currency pairs. The strategy will only trade when the Speculative Sentiment Index for that currency pair is between -1.5 and +1.5. Limiting range trading in this way has shown in the past to significantly raise the probability of successful range trades.
Two buy opportunities on this chart for EURAUDMid-Term Forecast
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.635). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURAUD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 60.
Take Profits:
TP1= @ 1.6550
TP2= @ 1.6885
TP3= @ 1.7315
TP4= @ 1.7815
TP5= @ 1.8570
SL= Break below S3
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Short-Term Forecast
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.6335). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURAUD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 77.
Take Profits:
TP1= @ 1.6480
TP2= @ 1.6550
TP3= @ 1.6760
TP4= @ 1.6890
TP5= @ 1.7020
SL= Break below S3
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Two buy opportunities on this chart for EURAUDMid-Term Forecast
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.635). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURAUD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 60.
Take Profits:
TP1= @ 1.6550
TP2= @ 1.6885
TP3= @ 1.7315
TP4= @ 1.7815
TP5= @ 1.8570
SL= Break below S3
---------------------------------------------------------------------------------------------------------------------
Short-Term Forecast
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.6335). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURAUD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 77.
Take Profits:
TP1= @ 1.6480
TP2= @ 1.6550
TP3= @ 1.6760
TP4= @ 1.6890
TP5= @ 1.7020
SL= Break below S3
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
EURAUD BUY IDEAWe notice in the chart that the pair continued to decline in the previous period
But it appears in some indications that the pair has lost the selling power
The price is now in a strong support area, and there are signals to start buying, and this area is a consolidation area
The price after the reversal showed slight buying power
I expect to buy in the short and medium-term unless the price breaks the support zone down
EURAUD - SWING - 14. SEPT. 2020Welcome to our weekly trade setup ( EURAUD )!
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1 HOUR
Very bearish price action breaking below main sr level.
4 HOUR
Overall sideways moving market, good short entries!
DAILY
Expecting another push to the downside.
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FOREX SWING
SELL EURAUD
ENTRY LEVEL @ 1.62820
SL @ 1.63440
TP @ 1.61970
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN