EURAUD is formed a double top on the daily chart over the past few weeks. Trends will often continue until a specific event take place or when buyers step in at significant levels; I don't see buyers stepping in within the next few days. I am noticing price has not closed below the long term trend that you can see on the chart. In fact, it appears to be bouncing at this level. After a clear break (closed candle) of the lower trendline, the real selling will begin. Jumping in before this level is broken could result in the market faking us out. I have not seen any major news that would cause EURAUD to reverse and head higher, but we both know this does not always matter. It is always best to trade with the trend, and right now the trend is bearish. CAUTION: Pay attention to the wedge towards the bottom right of the chart. This appears to be a breakout zone, which can go either way depending on what is happening around this time. Would love to see your view and hear your thoughts.
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-StampsFX
Thanks for reading. Follow me and provide feedback.
-StampsFX