EUR/AUD: a way to bet against the euro
Trade ideas:
1. SELL at 1.5660; TP1 1.5625; TP2 1.5575; SL 1.5674;
2. SELL at 1.5620; TP 1.5575; SL 1.5635.
Cross currency pairs offer many exciting trading opportunities and are good for technical analysis.
For example, have a look at the weekly chart of EUR/AUD. Last week the pair tested the 50-week MA at 1.5770 but failed to get above it. A pin bar was formed below this resistance. It’s a sign that the downtrend continues. The weekly pivot is at 1.5674: as long as the pair stays below it, the outlook is negative.
Let’s move to H4. MACD entered the negative area, the pair fell below MAs, and it looks very much like a “Double Top” pattern with the neckline in the 1.5665 area. An opportunity to sell will present itself either below 1.5620 or on the retest of 1.5660.
