2015-09-29_19-35-37euraud forex.today

This currency pair chart is quite similar to the eurusd chart.

You may have noticed that the euraud provided you with a high at number one right at the beginning of the UK session.

The purple 200 MA stayed practically flat the whole day. What this says is that we can expect a relatively sideways market.

Number 3 is our bearish entry where you might take the crossing of the 5/8 or the MACD cross or both.

Number 4 is our new low. Price retraces back to number 5 which is a role reversal area please see number 2.

But now price stays below this area and then moves sideways. Number 4 os broken with impetus see also the crossing of MACD histogram crosses the red line.

Number 7 is taken out by number 9 where we change our bias to bullish. Number 8 and 10 provide a double bottom and up price goes to number 11.

The challenge for the trader remains to be able to do the analysis just explained in real time….

BEST of LUCK and PIPS

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