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Euraudidea

EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 42 - 12 Oct M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level. W > Price created W formation and as expect it dropped to test neck and complete the formation. D > Price dropped from resistance level to test the neck, moved up till 0.786 Fib level on last bearish impulse and dropped creating bullish trend with LH and LL; price has broken last LL and and we expect it to create next LL. As per COT EUR saw closure of Long and addition of Short, reducing net positions; improving its position for the said week. EXY further improved its position last week. AUD saw addition of major Long and Short positions, increasing net positions. AXY gained strength during the said week, it improved its position last week. Overall EUR has huge quantum of net position, since past 2 quarters, with much more open Long positions than Short. This reflects Institution holding their Long positions for bigger gain in time to come, EUR will continue to be strong till the time we see major chunk of Short added for Institutions. 4H > Price is dropping respecting supply/ demand zones of opposite impulse. We need to monitor price action for pull back reversal, if it happens, and enter cautiously. Pair Correlation > EURAUD has positive correlation with USDCAD and EURNZD and negative correlation with AUDCHF, AUDUSD, NZDCHF, NZDUSD, NZDJPY and AUDJPY. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
EURAUD long trade ideaPlan: resistance level breakout --> wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
EURAUD long trade ideacurrently, we are seeing price respected the major support level and we can go long as long as the reward ratio is above 1:1, buy on a retracement at the minor support level. please do your own research and use 1% risk max **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
3
EURAUD long trade ideaprices have been running after bouncing off the support level, you can buy if price retraced before to go higher **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
EURAUD long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
EURAUD long trade ideaPlan: wait for the price to bounce off from trendline or key support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade like i do, please write it in comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2