EUR/AUD breaking down and ready to move further to the downside
As of 12/30/2014 @ 19:56 EST:
We have identified EUR/AUD as a short candidate as this pair is starting to roll over on the daily chart. A look at the weekly will show a head and shoulders pattern developing with some downside bias, If you look further out to the monthly chart you will see the longer-term trend is to the downside.
The Global Currency Scalper likes to see that the EUR/AUD has broken its short-term up channel trend on the daily chart, followed by a period of consolidation which cracked to the downside earlier today. We will be taking a short trade if this pair takes out the 1.48220 level. The Global Currency Scalper is forecasting a move to the 1.47400 level which could eventually see a move down to the figure of 1.47000. A stop will be placed at 1.49600. If EUR/AUD were to take out this level prior to initiating a position then our view will turn neutral and further assessment of this pair will be needed.
We have identified EUR/AUD as a short candidate as this pair is starting to roll over on the daily chart. A look at the weekly will show a head and shoulders pattern developing with some downside bias, If you look further out to the monthly chart you will see the longer-term trend is to the downside.
The Global Currency Scalper likes to see that the EUR/AUD has broken its short-term up channel trend on the daily chart, followed by a period of consolidation which cracked to the downside earlier today. We will be taking a short trade if this pair takes out the 1.48220 level. The Global Currency Scalper is forecasting a move to the 1.47400 level which could eventually see a move down to the figure of 1.47000. A stop will be placed at 1.49600. If EUR/AUD were to take out this level prior to initiating a position then our view will turn neutral and further assessment of this pair will be needed.