EUR/AUD wants down

EUR/AUD wants down

Trade idea

SELL 1.6280; TP 1.6225; SL 1.63

Have a look at the chart of EUR/AUD. There’s a bearish divergence between the price and the Awesome Oscillator on D1. The pair tested levels above the 50% Fibo of the 2008-2012 decline but then returned lower. In addition, yesterday the pair formed a bearish pin bar (a candlestick with a long upper wick). These are solid reasons to expect a correction to the downside. The European manufacturing/services PMI released today may trigger the move.

EURAUD 21.png

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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