EURAUD Head & Shoulders Formation and Weekly Overview
We have entered a short trade and the trade reached the target.
Weekly Chart: The trend is still bullish. Price is above all main EMAs. However, it is in the lower Bollinger Bands. Further decline is predicted.
Daily Chart: EURAUD ended the week at 1.56300 where it meets the SMA 200 support. Price is below EMA 50 and EMA 100. RSI has more rooms downside. The Pair is forming a Head & Shoulders pattern. Strongly possible to test the neckline. ( 1.53200 – 1.53000 )
Four Hours Chart: Strongly Bearish. Golden Cross is completed.
Fundamentals of the week: RBA will make its rate decision on Tuesday. It is not expected to make any changes, so the interest rates in Australia is likely to remain at 1.5%. But the Aussie will move up if RBA leaves its dovish view. Latest quarterly GDP and employment figures may make RBA a bit more Hawkish.
Conclusion: It is the selling time as long as the pair holds below 1.58000
Possible Pullback Levels to sell: 1.56800 1.57200
Downside levels for minor corrections: 1.55940 1.55640
Intraday trading opportunity will be published for the members.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURAUD Head & Shoulders: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility