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

About the Author
TradingView's mission is to give investors an efficient and effective way to find trading ideas from other individual investors. Why is that important? Because combined knowledge of individual investors, like you, is on average better than insight from famous analysts on Wall St. We have seen it again and again when experts talk a lot and have no clear direction. Visit our website HERE

Leave a Reply

*