EURAUD Bearish trend for this week 30/6/2019EurAud this week will continue dropping to 1.56950 to break it out
but the first thing will happen while the market is open is to retest price @1.6250 trying to break it, then going down again
The average dimension is (1.609375 to 1.625000) (yellow line in the chart )
Daily dimension: (1.617375 to 1.619375) (Green line )
Our Target is :
SELL order @ 1.625000
TP1 @ 1.615000
Tp2 @ 1.62500
TP3@ 1.61175
SL@ 1.62770
Trade at your own risk!
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Euraudsell
EURAUD ShortWe have to watch 1.6260 level if any strong bearish 4h closer we are for sell, I think that level will be tested again, but trade safe this pair is a pain in the ass and can do big manipulations.
My advice don't trade this pair until you see a candle you want in that level because that level is the level where the manupilation
is made, I think that level will be tested 3 4 times until aussie gets stronger.
And make sure you put a big stop loss for this pair.
EURAUD reversed from resistance, potential drop!
EURAUD reversed off its resistance at 1.62552 where it could potentially drop further to 1.61788.
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EURAUD - FOREX - 18. JUNE. 2019DACAPITALTRADING V2.0:
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1 HOUR
Bullish price action and pressure.
4 HOUR
H4 Price action broke previous highs and resistance.
DAILY
Overall strongly bullish waving market with several x-a waves and sctructure.
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FOREX SETUP
SELL EURAUD
ENTRY @ 1.63900
SL @ 1.64680 (80 Pips)
TP @ 1.62570 (130 Pips)
RR: 1.70
Use normal Risk (1% per Position)
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN
Going DOWN UNDERWe are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so what, don't cry and move on... The market will present plenty more opportunities.
Most people do not have the mind set for trading which is why they fail, this is the education systems fault.. but that's another story for another time ;p
Come have a chat with us if you like our style of trading to see how we can help you.
Going DOWN UNDERWe are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so what, don't cry and move on... The market will present plenty more opportunities.
Most people do not have the mind set for trading which is why they fail, this is the education systems fault.. but that's another story for another time ;p
Come have a chat with us if you like our style of trading to see how we can help you.
EURAUD - A TUG OF WAR BETWEEN BULLS & BEARS CONTINUEThe EURAUD weekly chart above reveals that the rally from February 2017 low to as high as 1.61957 in March 2018 took the shape of a textbook Elliot Wave leading diagonal structure. The pattern is labeled (i)-(ii)-(iii)-(iv)-(v); wave (iv) overlap wave (i) high which make the whole advance an Elliot wave motive diagonal rather than an impulse.
The Big Picture Still Remains in Favour of the Bulls
According to the theory, the motive waves “leading diagonal in this case” point in the direction of the larger sequence, and a three-wave retracement in the opposite direction follows every motive pattern.
Here, EURAUD correction seems to be unfolding as a "top flat ascending triangle" pattern labeled (a)-(b)-(c)-(d)-(e). Price has drawn wave (a)-(d) of the triangle and remain wave (e). So, in the short term, the price has the potential to move lower to complete the wave (e) of B.
However, once the corrective phase of the cycle is over, the larger trend resumes in the direction of the motive wave. This means that once the corresponding triangle correction in wave B is over, another rally in wave C can be expected.
The resistance area around 61.8% Fibonacci level of the monthly impulse structure “Not show on the chart” is plausible for the bulls.
Bottom Line
If this count is correct, traders should expect a short term decline and long term advance in EURAUD as planned on the chart.
Did you like this analysis? Let me know your thoughts in the comment.