EURAUD – One More Push Higher Likely

Guest Post by Nicola Delic

The Euro climbed higher against the Aussie Dollar recently, and traded above the 1.5200 resistance area. The EURAUD pair is under a correction phase currently, and it is likely that once it is complete, the pair might continue trading higher. There is a chance of a 5-waves pattern formation on the hourly chart, which could take the par towards the next level of interest around 1.5400. So, I know we should look for ways to enter a buy trade in the near term.

In order to enter a buy trade I think we should wait for the EURAUD pair to break and settle above a bearish trend line formed on the hourly chart.

Technical Analysis

H4– Chart representing a wave structure and the possibility of the EURAUD pair trading towards 1.5800.

Entry:

H1– We can enter a buy trade once the EURAUD pair breaks and settles above the highlighted trend line.

Target 1: 1.53800
Target 2: 1.5450
Stop Loss: Below 1.5030

Video Explanation:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.