A Major Trade Setup in the Making
Hello mates,
This chart is worth mentioning.
The EURAUD has been trending higher recently, after forming a bottom in late august. The short-term uptrend is forming within the context of a longer-term sideways market between the 1.54 resistance and 1.43(roughly) support area.
A 6-month-old sideways market with more than 1100 pip trading range.
The recent uptrend is pushing that key resistance at 1.54, the first test was rejected a few days ago. But the price is pushing again. I am watching for a breakout to confirm a major bottom. If materialized, I will be looking for long trade triggers on the shorter time frames.
The full possible target for the pattern is equal to the distance between the sideways range resistance and support, projected from the breakout point which is 1.5400 level.
Which is 1100 pip as I mentioned.
However, more conservative targets along the way and potential resistance levels are:
1.5560
1.5700
1.5900-1.5937 area
1.6170-1.6230 area
1.6560 is the full projected target
The Bearish scenario
The bearish reversal from 1.54 major resistance is also possible. That's why I will be watching a bearish reversal signal from this area for a short trade.
Targeting 1.5167 and 1.5050.
Always look for a final confirmation signal.
Technician
This chart is worth mentioning.
The EURAUD has been trending higher recently, after forming a bottom in late august. The short-term uptrend is forming within the context of a longer-term sideways market between the 1.54 resistance and 1.43(roughly) support area.
A 6-month-old sideways market with more than 1100 pip trading range.
The recent uptrend is pushing that key resistance at 1.54, the first test was rejected a few days ago. But the price is pushing again. I am watching for a breakout to confirm a major bottom. If materialized, I will be looking for long trade triggers on the shorter time frames.
The full possible target for the pattern is equal to the distance between the sideways range resistance and support, projected from the breakout point which is 1.5400 level.
Which is 1100 pip as I mentioned.
However, more conservative targets along the way and potential resistance levels are:
1.5560
1.5700
1.5900-1.5937 area
1.6170-1.6230 area
1.6560 is the full projected target
The Bearish scenario
The bearish reversal from 1.54 major resistance is also possible. That's why I will be watching a bearish reversal signal from this area for a short trade.
Targeting 1.5167 and 1.5050.
Always look for a final confirmation signal.
Technician
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