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Euraudtrading

EURAUD: Failed to recover the 1D MA50. Sell signal.EURAUD is bearish on its 1D technical outlook (RSI = 42.768, MACD = -0.001, ADX = 33.915) as it reversed just before reclaiming the 1D MA50. The 1D MACD is on a Bearish Cross since last Thursday and since August 5th every such formation completed a -3.63% decline. This time such a decline would reach the S2 level exactly, which is what we're aiming for (TP = 1.60115). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
EURAUD: Possibilities on a well known pattern.The EURAUD pair is on a breadih 1D technical outlook (RSI = 41.370, MACD = -0.007, ADX = 32.977) as the price remains under the 1D MA100 after breaking the bottom of the dotted Channel Up on Friday. If it doesn't cross above the LH trendline (notice the similar pattern in the previous correction waves), it will likely test the 1D MA200 and S1, which can match the bottom of a diverging Channel Up. If it holds, the target will be the R1 level (TP = 1.70650) as in the event of a LH breakout. A closing under the dashed line (bottom of diverging Channel Up), will be a bearish signal targeting the previous Support (TP = 1.58500). If on any given time the 1D MACD makes a Bullish Cross, consider it an additional buy signal. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
by InvestingScope
EURAUD: Supported by the 1D MA50, ready for a Higher High.EURAUD has made a Double Bottom on the 1D MA50, keeping the 1D time-frame bullish (RSI = 58.711, MACD = 0.006, ADX = 17.748). This is primarily a bullish signal and as the 1D RSI is forming the same Channel Down which on April 14th kickstarted a strong leg up, we will take a short-term buy position targeting the 1.0 Fibonacci (TP = 1.67850). The extension can technically go as high as the 1.236 Fib level. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
EURAUD: May experience a long term trend shiftEURAUD is touching at the moment the bottom of the Channel Up pattern that has been in place for 10 months. The 1D time frame is technically almost oversold (RSI = 32.980, MACD = -0.011, ADX = 36.222) with the RSI in particular last time it was that low was in July 28th 2022. If the price doesn't rebound on the current level, we expect a test of the 1D MA200. In that case, we may see a long term trend shift from the Channel Up to a newly formed Channel Down, which on the next rebound near the 1D MA50, will give us a low risk sell entry targeted at S2 (TP = 1.52650). If the price closes a 1D candle over the 0.5 Fibonacci level, we will buy the Channel Down break out and target the Resistance (TP = 1.67850). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
by InvestingScope
2
EURAUD and the risk on and off playHere is another Forex Trading Snack. To go along with my stock risk on or off trading view, here is my favorite Forex pair that matches closely to my stock trading view. Of corse the two instruments trade inversely to each other. My main strategy for this weeks market open is to follow the recent up channel the pair has been trading in. The downside has been limited mostly due to the upside limited moves to AUDUSD ( which also moves along with the S&P 500 and or news events or risks involving China trade. Stocks and the AUDUSD have stoped recent moves higher at the 61.8 Fib levels and have been grinding around making overlapping moves with lower highs and lower lows. Hardly a trending move. Very much a grinding around moving market. Looking at the 2H chart I see a smaller EW 5 wave pattern Developing with a posable completion at up channel trend line. My strategy isn’t to try to trade short at channel trend top, but to start looking at my longer view possibilities of the next move and posable breakout from this channel. There is no surprise that the AUDUSD also has a inverse EW pattern on the same time frame. On AUDUSD I’m a sell the rallies trader currently just as I am on the S&P 500. The exact opposite on EURAUD. Just one traders opinion. Please form your own opinions and trading views and or strategies. This post isn’t advice on trading. Trade accordingly to your own risk tolerances. In trading you either make dust or you will certainly eat dust. All the best in your trading.
Long
by PipsTradingClub