Reviewing the EURAUD Technical Position (Update)
This is an update for a previous analysis, please Check previous analysis in the link below,
Reviewing my latest analysis which was published in April 11. When i published the previous post the price was bouncing of the 1.618 retracement level and second downside target for the bearish breakout of the head and shoulders top, as price formed a long legged doji at 1.618 extension level, before correcting higher to retest the optimal short entry area at the broken neckline in addition to the 50-days SMA near 1.5000 round number.
Indeed, luck was in my favor as price moved lower again, breaking to new lows and could be heading towards my last aggressive target at 1.4317 level.
Note that 1.4300 area also includes a potential descending support for a possible falling wedge formation, I reiterate that this is a possible formation. If we get there we should consider that area as another key support and look for possible bullish rebound signals.
For now, 1.4560 should form a near term ceiling for the price, and should keep the bearish pressures in place, unless we break above it that may enhance the short term technical picture.
Best of luck, plz join me at : twitter.com/thefxchannel
Reviewing my latest analysis which was published in April 11. When i published the previous post the price was bouncing of the 1.618 retracement level and second downside target for the bearish breakout of the head and shoulders top, as price formed a long legged doji at 1.618 extension level, before correcting higher to retest the optimal short entry area at the broken neckline in addition to the 50-days SMA near 1.5000 round number.
Indeed, luck was in my favor as price moved lower again, breaking to new lows and could be heading towards my last aggressive target at 1.4317 level.
Note that 1.4300 area also includes a potential descending support for a possible falling wedge formation, I reiterate that this is a possible formation. If we get there we should consider that area as another key support and look for possible bullish rebound signals.
For now, 1.4560 should form a near term ceiling for the price, and should keep the bearish pressures in place, unless we break above it that may enhance the short term technical picture.
Best of luck, plz join me at : twitter.com/thefxchannel
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