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  Don't miss the great buy opportunity in EURAUD