Looking at EURAUD chart on a longer Timeframe, this market has been failed repeatedly to break the pitchfork mid-band to rise higher.
This matches to what I think for EURO for the last a few months. I think EURO will be falling significantly in the coming months. Here is the reason.
See the weighted average EURO.
We have the Blue wedge formation inside another longer timeframe wedge formation. And now look at the Monthly EURO weighted average.
The last candle which is the current candle and belongs to March is a nice bearish engulfing and if by the end of the tomorrow (Friday=End of the Month) it closes outside of the wedge formation, we will see EURO falling heavily in the next coming weeks.
How about AUD. The following is AUD weighted average.
EURO was right at the upper band of the longer timeframe wedge formation but AUD is right at the lower band of the wedge formation and is more like to rise than falling, particularly as the flash crash can be translated into a false breakout of the lows.
Weaker EURO and Stronger AUD is what we need to trade EURAUD short.
Hope you have a great day,
KHAN
This matches to what I think for EURO for the last a few months. I think EURO will be falling significantly in the coming months. Here is the reason.
See the weighted average EURO.
We have the Blue wedge formation inside another longer timeframe wedge formation. And now look at the Monthly EURO weighted average.
The last candle which is the current candle and belongs to March is a nice bearish engulfing and if by the end of the tomorrow (Friday=End of the Month) it closes outside of the wedge formation, we will see EURO falling heavily in the next coming weeks.
How about AUD. The following is AUD weighted average.
EURO was right at the upper band of the longer timeframe wedge formation but AUD is right at the lower band of the wedge formation and is more like to rise than falling, particularly as the flash crash can be translated into a false breakout of the lows.
Weaker EURO and Stronger AUD is what we need to trade EURAUD short.
Hope you have a great day,
KHAN