Hi Traders! We have EURAUD double scenario forming at the moment. In this pair on the long term we can look for buys and in the short term we can look for sells. A detailed analysis of both the scenarios are as follows:
EURAUD D1 Chart:
On the daily chart we had a false break and then price created higher highs. We also have have continuing bearish divergence that has formed (but there is no PNP divergence yet). So I believe we might see new highs to be created which means the magnet zone 160.70 level could be reached very easily. But before that we may see a correction in the form of double wave down and once this correction completes itself, we can look for buys with the breakout of the most recent downtrend line.
EURAUD H4 Chart:
On the H4 chart we had first leg down and it looks like a correction is happening now. Now we might see one more push down to the 100 or 161.8 zone forming a double wave down and only then we may expect continuation to the upside. We also have a bearish convergence that has formed which can be considered as a confirmation for this bearish momentum. Once the double wave correction completes itself, we may expect a bullish reversal to happen and we can go long with the breakout of the most recent downtrend line.
EURAUD H1 Chart:
On the H1 chart the price is creating double wave to the upside and also we have a bearish divergence that has formed. We can go short with the breakout of the most recent uptrend line.
If you want to be more conservative then you can use double trend line breakout principle and you can go short with the breakout of the most recent trend line.
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