EURAUD has been an incredible one-way ride since the beginning of August.
I had the feeling it was topping out ( short term ) yesterday and placed a sell suggestion in the ForexFlow trading room at 1.6304
It looked to be struggling on the H4, so I waited for the hourly chart to confirm the weakness and opened a position with my stop at the Asia highs. There was a visible head and shoulder pattern forming. Price was dropping from the right shoulder offering a good risk reward trade. — Once the neckline broke I set my target.
The break lower was a swift move……..
I’ve decided to hold on to the trade, as we’ve seen further weakness after the target was hit. AUD has put in a strong bounce from the lows against USD along with a good showing on the various crosses. The silver tongued Sig. Draghi and the ECB will have a big say in whether this trade progresses later today. If the Dragster runs to form and gets his legendary wiggle on we have a fair chance of reaching the 2nd target ( 38.2% of the Aug low-Sep high ) in the near future. ……. Stops will be placed above price to preserve profits in case of surprises.
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