EURAUD - Limited Long setup for short-term
Updated
The price at support area now, and the RSI give the indication of divergence(too exhausted).
High probability to Long for a while, or wait until the price goes up to upper the downwards line then short.
Middle term Short for EURAUD
In daily chart, the price trap in the rectangle area with the wide range. It could be a reversal setup, because:
1. Bull pressure is fading by the consolidation
2. The price trap near strong resistance at the highest August 2015
2. RSI give the indication higher low.
3. 4 times price tried to break the support but failed, 2 false breakout.(4H)
The logical and best for this pair is reversal setup, need to wait the confirmation that price should make compression near/around support area.
Short time : Limited Long
Middle term : Short
High probability to Long for a while, or wait until the price goes up to upper the downwards line then short.
Middle term Short for EURAUD
In daily chart, the price trap in the rectangle area with the wide range. It could be a reversal setup, because:
1. Bull pressure is fading by the consolidation
2. The price trap near strong resistance at the highest August 2015
2. RSI give the indication higher low.
3. 4 times price tried to break the support but failed, 2 false breakout.(4H)
The logical and best for this pair is reversal setup, need to wait the confirmation that price should make compression near/around support area.
Short time : Limited Long
Middle term : Short
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.