Evening Traders,
Today’s analysis – EURAUD – trading below its local resistance where there is technical confluence,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
(.618 Fibonacci and POC Confluence)
- Low Volume
EURAUD immediate price action is corrective in a downtrend, allowing for a bearish bias.
The Local S/R if of technical confluence with the .618 Fibonacci and the POC, putting emphasis on a bearish retest.
The current volume profile is below average, an influx is highly imminent when an expansion occurs.
Overall, in my opinion, EURAUD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Sometimes the best trade is no trade.” – Anonymous
Today’s analysis – EURAUD – trading below its local resistance where there is technical confluence,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
(.618 Fibonacci and POC Confluence)
- Low Volume
EURAUD immediate price action is corrective in a downtrend, allowing for a bearish bias.
The Local S/R if of technical confluence with the .618 Fibonacci and the POC, putting emphasis on a bearish retest.
The current volume profile is below average, an influx is highly imminent when an expansion occurs.
Overall, in my opinion, EURAUD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Sometimes the best trade is no trade.” – Anonymous
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.