EUR/AUD – one more test before big drop ( 200 pips)

Euro Fx/Australian Dollar FX:EURAUD

market broke out from long term up trend line yesterday and showed a small first bottom at 1.649 area which started now the next up wave to at least 1.657 which is sell area and a good short entry.

-RSI and Stochastic RSI on 1H implements another smaller up wave before next bigger down wave as drawn in the chart
-Bollinger bands start moving sideways which implements another smaller up wave as well
-expect buyers coming into the market after hitting the yellow 50 day moving average line
-no bigger volume peak has been down which could implement trend reversal – expect trend continuation if volume stay small

All indicators on bigger time frames (4H and more indicate incoming big down movement)

more info

READ  EURAUD short idea.