Euro / Dollar AustraliaPembelian
EURAUD Top-Down Analysis
Diupdate
Hello Traders,
Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level.
W > Price was moving in a rising channel but it broke out to the upside last week. It moved bullish to test monthly resistance but dropped after rejection but candle closing above resistance of the channel. Now previous resistance of channel will turn support hence price can continue to move up.
D > During its upward rise price has created two W formations. Price stopped short of neck of 1st W formation and started upward move ending the day in a Doji. Price can drop to test neck of W formation before continuing with its upward move. Hence we will have to set two targets with close watch on price action, short-term bearish and long-term bullish.
As per COT EUR saw addition of few Long and more Short, reducing net positions further. EXY was weaker during the said week however it gained back its strength last week. Institutions, since last month, reducing their portfolio of Long and increasing Long positions, with total 32K Long positions closed and 13.5K short positions opened. AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
For all EUR pair we are continuing to follow trade direction cautiously with price management.
4H > Price moved bullish creating HH and HL and after rejection it dropped creating smaller LH and LL. In its bearish move price has not broken last HL, we will monitor price action in case it drops below last HL to create another LL.
Pair Correlation > EURAUD has negative correlation with AUDCHF, NZDUSD, AUDUSD, AUDJPY, NZDJPY and AUDCAD on daily time frame.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURAUD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price dropped to monthly support level and after rejection started upward move to reach and test monthly resistance level.
W > Price was moving in a rising channel but it broke out to the upside last week. It moved bullish to test monthly resistance but dropped after rejection but candle closing above resistance of the channel. Now previous resistance of channel will turn support hence price can continue to move up.
D > During its upward rise price has created two W formations. Price stopped short of neck of 1st W formation and started upward move ending the day in a Doji. Price can drop to test neck of W formation before continuing with its upward move. Hence we will have to set two targets with close watch on price action, short-term bearish and long-term bullish.
As per COT EUR saw addition of few Long and more Short, reducing net positions further. EXY was weaker during the said week however it gained back its strength last week. Institutions, since last month, reducing their portfolio of Long and increasing Long positions, with total 32K Long positions closed and 13.5K short positions opened. AUD saw closure of more Short than Long positions, improving net positions. AXY weakened during the said week but gained some lost position last week.
For all EUR pair we are continuing to follow trade direction cautiously with price management.
4H > Price moved bullish creating HH and HL and after rejection it dropped creating smaller LH and LL. In its bearish move price has not broken last HL, we will monitor price action in case it drops below last HL to create another LL.
Pair Correlation > EURAUD has negative correlation with AUDCHF, NZDUSD, AUDUSD, AUDJPY, NZDJPY and AUDCAD on daily time frame.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Trade aktif
Price has dropped to test neck of W formation completing short-term bearish target. We will now wait for bullish reversal to take long entry.Trade aktif
Bearish target achieved.
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