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AUD/EUR - Technical Trade Note

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Colins-Technical-Takes

AUD/EUR – Daily

 

Recommendation: SELL SHORT

Trend: Short-term sideways. Med-term down.

Strategy: Sell short on an intraday break of its prior day’s low.

AUD EUR TRADE NOTE CHART.jpg

  • After reaching itis target from a prior inverse head and shoulders (our prior trade here), the Aussie/Euro has formed a rising wedge (lines 1 and 2) (a bearish pattern) , and now broken down to confirm it.
  • It’s bounced over the past two days, likely a bear flag, before heading lower.
  • Sell it short on an intraday break of its prior one-day low.
  • Target down to 0.6430, based on the wedge. It’s currently trading at 0.6498 level.
  • Stop loss a close above 0.6565. Then use a breaking of its prior one-day high from 0.6445 as a trailing stop. (And take profits at the target).

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