Looking daily chart, this pair is producing nice uptrend with Higher highs and Higher lows.

euraud

When we establish such a strong trend, there is no point to force short trades. Best is to trade with a trend. Entries should be searched on the lower part of a channel, when phase 1 of an uptrend start after producing HL.

Other useful indicator, which you can notice on that daily chart is Bollinger band indicator. When ever price reached upper Bollinger band line, you should raise the head and start looking for reversal signal. So bears or counter trend trader could use Bollinger bands to enter short trades at the beginning of phase 2.

On the other side, whole uptrend, there was no buy signal using Bollinger bands, since we did not have neither one good break of lower Bollinger band.

To trade with trend, now we should wait for a retrace to 1.5200 and then look for long signal on smaller time frames.

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