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Euraudsetup

EurAud- Is the correction over?I was bullish EurAud ever since 1.65 and the break above 1.66 came to confirm my outlook. The break was violent and the pair skyrocketed to 1.68 in a straight line. A correction after this violent rise was normal and this gave bulls the opportunity to open long trades on dips. Now the pair found some support on 1.6650 zone which is also 50% fibo retracement and the correction could be over now. A confirmation of this outlook comes with a daily close above 1.67 and this also opens the door to further gains to my predicted target of 1.7
Long
by Mihai_Iacob
EURAUD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 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 price to drop and test the neck before continuing with bullish move. Price is respecting structure of rising channel. D > Price faced rejection at resistance level and dropped with a long bottom wick on reversal candle. Price dropped to complete W formation. We can see shooting star reversal candle. Price can create a range, while moving up, that got created when price was near resistance level and it is very much possible for price to consolidate near that level again. As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. 4H > Price is creating HH and HL, confirming reversal of trend. We have a target little below resistance trend line. Pair Correlation > EURAUD has positive correlation with USDCAD and EURNZD and negative correlation with AUDCHF, AUDUSD, 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 you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
EURAUD is approaching 61.8% fibo 200 Exponential moving averageEURAUD The recent covid developments has cause the euro rise on phenomenal range and the euro central bank also hint with further stimulus will be provided if needed.The euro recover plan has helped the risk assets to get some positive move. Broad weakness of USD is also a factor in rising of euro. At around 1.65500 minor psychological level the EURAUD got some rejection and felled towards 1.61500 which is around 350 pips move. Vaccine development news help the Aussie dollar to get some earlier loses against euro. Though the virus spread in Victoria state caused some further lockdown restrictions. Currently the price is trading below the 50% Fibonacci level. We can expect minor rebound towards 61.8% Fibonacci level coordinates with the crossing of trend line And 200 Exponential moving average 1.64000 is a low volume and major psychological level. Shorting at this would give us a good risk reward ratio. Primary target would be 1.60350,. Stop lose may place above 1.65000 level Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas Disclaimer It’s not a financial advice. Do the analyze and take a decision.
Short
by forexorbit
Diagonal pattern and the probability of formation of an uptrend Dear traders In some charts and currencies, we cannot have an exact technical analysis, which might be due to a complex corrective wave. Diagnosis of these kinds of wave are very difficult and sometimes they are impossible to identify. In these cases, I am looking for patterns that are formed in the market, the most important of which are Diagonal and Triangle. Based on these patterns we are able to detect the correct trend for buying and selling. In the 240-minute chart, the uptrend which started in the range of 1.6120 has ended in the range of 1.6558 that was in the form of 5 waves. The corrective movement, which has been completed in the range of 1.61379, has been in the form of 3 waves. Wave C consists of the corrective movement of the Ending Diagonal pattern, which is shown in the 60-minute chart. In continuation the first 5 ascending waves that could cross through the end of the wave 4 are formed (1.6200) With the price crossing the 1.6200 range and reaching the 1.6326 range (the first 5 waves), the corrective movement started and in continuation, the uptrend has started in the 3rd wave, which can be extended up to the 1.6500 targets, which is the beginning of the Diagonal pattern. The point is, the currency’s long-term movement is mixed, but given this pattern, I can hope for the formation of a good uptrend to the range of 1.6500.
Long
by NirmataFX
EURAUD, 4hr timeframe, buy on breakout of ranging areaEURAUD moved insde the yellow box area for 2 weeks and today we finally see a soid close above he ranging area on the 4hr timeframe. We could see price continue moving up to next resistace at 1.6550. A solid close above it will also open the possibility to go up until 1.6700 area. We could try buying EURAUD on the retracement or retest of this ranging area. Buy EURAUD 1.6380 Stop loss 1.6250 Take profit 1 @1.6510 Take profit 2 @1.6640 Take profit 3 @1.6770 Good luck
Long
by HayatoDragonFX