EURAUD: Uptrend continuation

EURAUD: Uptrend continuation


It seems like the time is finally right to buy into EURAUD.
There’s a 4h downtrend signal time expiration after this bar’s close, as well as a relevant level of technical confluence:

Fibonacci 0.382 retracement of previous impulse
Range expansion support
Low volume profile support
Correlation to gold: Australian dollar will suffer, gold breached the weekly mode down, so it’s probable to see AUD weaken.

Stop loss should be below 1.43296, or using daily 3 atr value for it, or 1 atr below the low after the close. Depends on your preference.
I will have no TP, and will watch the hourly chart for entry, but you could enter now with a wide stop and average the entry as well.
Good luck,
Ivan.

Source:: EURAUD: Uptrend continuation

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