what’s your opinion about eur/aud i recently opened buy trade at 1.3376 , what you suggest that what should be the tp ? and how much it goes up ?
Based on previous price action, and current economic outlook, I would say hold onto the trade till 1.3900…its quite a long shot but really possible
Nasty swap on euraud long -about 3 pips a day against you.
EUR/AUD chart has experienced a descending trend during the recent week that could record the bottom price of 1.46553. One of the sellers’ targets was the level of 127.2 (AB=CD Pattern) that they were successful in reaching to it and the price was not able to descend more by reaching to this level. Right now this price level is one of the important supportive levels in front of the price.
Right now price is above 5-day moving daily time frame that show an uptrend during the next candles.Formation of Shooting Star and Hanging Man candlestick patterns with thin body in green area shows indecision market and vulnerability of ascending trend.AS it is obvious in the picture below, there is an non-ideal AB=CD harmonic pattern between the top price of 1.58246 and the bottom price of 1.46553 with ratios of 61.8 and 127.2 that warns the ascending of price from the D point( the first warning for ascending is breaking of the resistance level of 1.49650). Stoch indicator is in saturation sell area that confirms the current harmonic pattern with the next cycle but because of non-compliance and coordination with larger time frame(Monthly Time frame), this signal is not much valid. The first warning in this currency pair for descending of price is breaking of the supportive level of 1.46553.
