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After breaking below the neckline of the H&S pattern price continued to fall. It bounced back to 1.80, tested the level and went back down again. Pair is also making new lows. On the chart we don't see any support, so my guess is that it has to drop further. I am currently focusing on the levels that are marked with blue and with red line. Looking at the last 3-4 daily candles I see weakness of this pair, it is also unable to make any upward move. On smaller time frame we can see that it has for…
Armands's Blog
EUR/AUD - great long term opportunity or just a trap?
Looking at the charts today I noticed something that caught my attention. In this post I will try to share my idea with You. First I want to draw Your attention to EUR/AUD monthly chart to see the overall picture.
We can clearly see that last move up has been a correction .It has made a higher high kind of tricking traders into buying. It happens so often before the price drops significantly. There is also a solid resistance at this area marked with ellipses. Price also went back down below 1.50…
We can clearly see that last move up has been a correction .It has made a higher high kind of tricking traders into buying. It happens so often before the price drops significantly. There is also a solid resistance at this area marked with ellipses. Price also went back down below 1.50…