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….


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