EURAUD Swing Short

[Leebax]

EURAUD has surpassed all expectations i had of this pair. The virus situation certainly has killed the ozzie dollar the most. We are having to look at the WEEKLY chart to see possibilities of what will happen next.
To me it looks like we could be heading towards the weekly 0.236 fib from the previous high. Will it stop there? My idea would be that it comes back for some support around 1.83-1.85 area for another push towards the BIG round number of 2.0000. Its also possible we could even break higher to make all time new highs. Obviously thats dependant on how long this corona situation drags on. But for now certain bull is very strong and buying on pullbacks is a good way to trade it. GLIYF

 

[Leebax]

Sunday so im looking ahead for the week beginning. Back to EURAUD and oh my days what a mover its been. The weekly resistance of 1.66 area that has been tested a few times and held over the last 5 years has well and truly been smashed. We breezed right past and upwards towards the round number of 2.00. but we rejected just before we got there. But as you can see from price action we have wicked up from the .786 fib level and it seems to be making that level a nice support shelf. Possibly for the next move upwards, you can see just above the highest price this pair has ever been at in 2009, will we get there again and break above? With australia just going into lockdown and the virus still spreading its certainly a possibility. Look for signs of a buy on that support level . Risk management as always GLIYF

 

[Leebax]

Morning everyone, looking back on EURAUD today and something comes to mind that we could see some strength short term in the Ozzie dollar. With china coming back into full production this could prove to be helpful to AUD, as they are one of their biggest exporters. Yesterday we saw the biggest unemployment claims in the US, currently the dollar is falling. AUDUSD is having a nice climb upwards, and were seeing some bearish action on EURAUD . I think we could possibly see some bearish action back towards the .618 Fib If you get in now use good risk management, or wait for a drop below the support and sell on the retest. tight stops possible for a good R:R of 1:6.46 . GLIYF

 

[Leebax]

Looking back at euraud today. Currently EUR has been weak across the board. Also AUD has gained a little strength. I hope you guys are still in sells from that previous resistance. Hold it down the support level it chooses next. Could be the round number of 1.7 or the .618 fib level. I think thats where the next buy opportunity will be. But for now keep holding the sells for a nice medium term trade. GLIYF

 

[Leebax]

Ok so since i last looked at EURAUD and was selling it down to the .618 fib, we have dropped over 480 pips. If you have been following since the start and got in on the sell then your in well over 700+ pips. I would consider taking profit around here and waiting to see what happens next. We have some support levels coming up and also divergence on the Daily timeframe . So we may see a turn here or some sideways action. i think it all depends on what happens with AUD and their economy whilst on lockdown as its still possible for them to grow with China being back in business. Stay safe, RM and GLIYF