The Euro has been particularly robust against all of its major counterparts as of late, and this is inclusive of the Aussie dollar.
This may have been sparked from Draghi’s more upbeat tone about the euro zone state recently; furthermore, the Aussie has shown weakness against the euro as of late; and thus I intend to buy this pair.

Price has begun the month bouncing off MM2, which is a bull zone, with target at MM4. Price is trending to the upside shown by black lines; Price has bounced off MR1, which is the 1.4200 handle and thus our most current resistance. Furthermore the daily stochastic is very overbought so I will be weary of a more significant pull back before entry.

Price has begun the week at WM3; which is a bearish entry zone; however we are still trending on this time frame, shown by the black lines, and thus I will be looking for long entries. The H4 stochastic appears ready to turn to the upside and price is still trading above the 21 and 55 ma's. I will be looking for entries around the WPP area, should that hold as support; alternatively I will be looking for entries around the WM2 area, which is the 1.400 handle, and is role reversal resistance turned support, as well as the 61.8 fib retracment level.

Price appears to be opening at DPP, thus if price does bounce to the downside here, the target for the day is between DS2 and DM1; which is where I plan to enter should DM2 break; thus I have two potential entry points for the day, both shown by the black lines.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.