EURAUD - SHort - Potential for AUD strength

Hello all

Following the breakout of the trend line that has been built over the past few weeks, the pair has continued to cycle higher and has now come in contact with what was previously dynamic support that may now become resistance

If the lows are broken as per the picture, I think AUD could quickly gain strength against the Euro.

This is based on Euro sentiment with Brexit and Trade Issues coming under control giving AUD some strength.

Ideally we will get an engulfing candle in this area to signal bears are in control, however with AUD news later, it could happen quickly

The trade will be on a sell stop and will trigger if new lows are made

Thanks for looking at my trade idea
Duncan

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hi All, sadly sell stop was triggered and then stopped out. However I have taken another short position now as trend line has now been broken.