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Short Setup on EURAUD - H&S Pattern & Channel Break

Jignesh Posted 1 Feb.  in #Trader's blog #Euraud #Short #Channel #Head And Shoulders #Trade Ideas
A decent setup to start out the week on EURAUD. The pair has already broken out of a Head and Shoulders pattern on the 4H, as well we have recently seen a downside channel break.
What adds further conviction to the trade, is that the AUDUSD also has an Inverted H&S at play at the same time.
Currently we see the price retesting the Neckline - a good area for a low risk attempt at the short side.
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5 Comments
VALTRAD avatar
VALTRAD 1 Feb.

Во вторник заседание РБА, значит вероятно укрепление AUD после публикации стейтмента

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ForexSpeaker 1 Feb.

interested trading idea
keep going

ForexSpeaker avatar
ForexSpeaker 1 Feb.

the ichimoku also support it .

Jignesh avatar
Jignesh 1 Feb.

Thanks ForexSpeaker - Looks like the Tenken is holding the 4H and Cloud has started to turn.  Appreciate it!

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Jignesh 1 Feb.

Thanks VALTRAD about the reminder of the RBA Meeting.  I expect Stevens to sound upbeat.  In the last meeting he hinted that they are leaning on the FED to raise rates, now that it has happened I would expect the statement to increase the tone of hawkishness even further.

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EURAUD Struggles Against Monthly Trendline

Jignesh Posted 2 June  in #Trader's blog #Resistance #Trendline #Euraud
EURAUD has recently made a bearish break of a major Weekly Trendline that dates back to mid 2012.
in the past few weeks, the pair has had some bullish momentum, however it is struggling to make a solid break higher above the trendline, offering some decent opportunities for intraday scalps
The weekly chart below shows the the trendline in play, and the following chart shows the daily reaction from that level.
EURAUD Weekly
EURAUD Daily
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EURAUD Back up against Daily 200SMA ahead of ECB

Jignesh Posted 5 Nov.  in #Trader's blog #Ecb #Fibonacci #Euraud #Moving Average
The EURAUD had a nice move to the downside after rejection of the 200SMA in the second week of October. This week we've seen a quick ramp up to close the day off once again the Moving Average.
The Daily EURAUD Chart above shows the upside resistance at the daily 200MA as well as the 76.4% Fib retracement of the last leg down. This area should offer some major resistance ahead of the ECB. This can be a very important inflection point for swing traders, as a hold here signals a big move to the dow…
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Bimlesh 6 Nov.

As usual, you are excellent at putting up the things, blending both technical and news...

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Jignesh 6 Nov.

Thank you my friend :)

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The case for a bullish EURO

Jignesh Posted 14 Aug.  in #Trader's blog #Eurusd #Euraud #Usdchf #Eurnzd #Eursek
After the big drop in GBP today, I had to re evaluate my long in EURUSD. But after looking at some of the cross rates my conviction remains bullish on the EUR.
There is no doubt that the momentum remains to the downside. And of course the better trade is shorting from higher levels. But here are the reasons I remain on the long side
  • EURAUD - has completed the Head and Shoulder's pattern on the daily chart
…
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Daytrader21 14 Aug.

You just gave me an idea and i'm going to overview the US Dollar index and see where we stand and the influence on EUR/USD:)

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Jignesh 15 Aug.

Good to hear, hope you got a good trade out of it.

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Looking for US Dollar weakness to continue this week

Jignesh Posted 10 Aug.  in #Trader's blog #Eurusd #Dxy #Euraud #Us Dollar
I had blogged a few times already about anticipating some Dollar weakness. I expect the week to continue the moves that we saw on Thursday / Friday.
There is a good technical case to be made for most of the USD pairs, whether you're using trendlines and viewing the fakeout of the daily trendline on USDJPY, or using moving averages supporting NZDUSD, or Fibonacci levels in the EURUSD, there are just too many signals pointing to further bearishness in the USD.
The confluence of these signals acros…
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Commodities general outlook

Jignesh Posted 6 July  in #Trader's blog #Audusd #Euraud #Nzdusd #Usdcad #Eurcad #Nzdchf
To start this week off, we can expect to see some movement in the commodity currencies.
Monday is a heavy data day for the currency segment as we have CAD, AUD and NZD data releases. Often we see CAD data near the end of the week and AUD, NZD near the beginning.
My general outlook is that we should be expecting one more leg of strength in these currencies.
The EURCAD offering the clearest structure, is showing critical support levels slightly below current trading levels, where the USDCAD is al…
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Missed Entry on EUR/AUD

Jignesh Posted 2 June  in #Trader's blog #Euraud
I was looking to take a long entry in the EURAUD.
Normally I don't like to trade on Sundays. I prefer to take a position once the London session opens and was waiting until then to put in an entry, but I did not realize that there was AUD Data. The data confirmed my bearish AUD short term sentiment and took the pair up 100 pip in a quick leg up.
The entry bounced perfectly off the 50% retracement @1.4630 as well on the open. It could have been a good start to the contest, but I suppose these …
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