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Euraudforecast

Series of Rising wedge patterns-Run towards southEURAUD The recent downtrend will further accelerates the selling in this pair.Rising wedge pattern will give us good risk reward ratio.Rejection around 1.57000 and support around 1.52500 Breakdown of the minor rising channel will be a good signal to sell this pair.Primary target would be 1.52500 *Price-below price action level *Price around point of control *Price around 03 EMA(50,100,200) *Fundamental support-AUD *Rising COVID cases-Negative impact in this pair Disclaimer! This chart represents the future expected move only-Not a financial advice Appreciate good works- “Don’t judge each day by the harvest you reap but by the seeds that you plant” Robert Louis Stevenson
Short
by forexorbit
EURAUD | Perspective for the new week | Follow-upThe gains accumulated by the Euro remains limited as structure suggest that investors are hesitant to buy the Euro amidst concerns that the Eurozone is in for more coronavirus restrictions in the nearest future. We had no execution on our last publications as price went the opposite direction with a significant Breakout of the Channel @ AU$1.54500 area ( see link below for reference purposes). Despite the fact that I am yet to disregard my previous speculation, there is a possibility that price might continue to the upside as we experience what looked like a retest/rejection of the Channel @ AU$1.54000 area after the Breakout last week. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Harmonic pattern (AB = CD) | Channel Observation: i. By connecting the lower highs and lower lows of price action with parallel trendlines, it is obvious that price has been on a downward trend caught within a Descending Channel since early November 2020 until a final Breakout happened during last week trading session. ii. Demand zone (AU$1.52500/1.53500) has held price "Supported" in the last 39 days with clues detailing the weakness of Sellers at this area as buying pressure increases and price finds it difficult to continue respecting the Channel. iii. The Impulse leg (AB) that began with a Hammer candle leading into the Breakout of the Channel @ AU$1.54500 followed immediately by a rejection/retest of the Channel @ AU$1.53500 (point C) signals a rally continuation that might transpose into an AB = CD pattern with parameters explained below; a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg pegged a 78.6% Fibonacci retracement of the A-to-B leg @ AU$1.53500. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move @ around AU$1.58500 area. iii. My yardstick to join the rally shall be above Key levels with Breakout/Retest expectations of my Key level and Bearish Trendline remains @ AU$1.54600 & AU$1.55500 respectively. iv. This been said, Should price dip into AU$1.53600 in the coming week the possibility of price respecting the Channel becomes feasible hence reverting to my previous publication becomes necessary (see link below)... trade consciously :)! Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:3.5 Potential Duration: 3 to 7 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry