EUR/AUD – one more test before big drop ( 200 pips)
market broke out from long term upyesterday 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.
-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 peak has been down which could implement trend reversal – expect trend continuation if stay small
All indicators on bigger time frames (4H and more indicate incoming big down movement)