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Euraudtrade

EUR/AUD - 350 Pips+ Short Opportunity - ReversalEUR/AUD has been in a consolidation area for about a week and seems to have taken the impact from the last uptrend. As we can tell from our indicators, this pair does not seem to have the steam left to go further high. Thus, we can open a short position for the reversal of this pair back to 1.54. Our Stop Loss needs to be higher than the last highs. Recommended at 1.59. If the pair fails to break down and begins to show some sign of strenght, which I don't expect to, then open a long position. Until now, from the looks of it, this pair seems very week and the resistence has acted well. The impact has been taken, and a reversal is imminent. Happy trading!
Short
by MoolahMaker
2
EURAUD testing channel resistance!Price is testing major descending resistance at 1.5419 (bearish channel resistance, horizontal overlap resistance, 61.8% Fibonacci retracement) and a strong drop could possibly occur at this level to push price down towards 1.5285 support (Fibonacci extension, horizontal swing low support). Our next major level of resistance is at 1.5478 (78.6% Fibonacci retracement, horizontal break out resistance level). Stochastic (34,5,3) is seeing major resistance below 96% where a corresponding drop could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill