I analyzed EURAUD last week. The analysis has been fulfilled, but the current situation on the chart indicates that the predicted falls may soon deepen. The H&S formation described on Thursday (7.11) is still valid. Friday’s candle didn’t go beyond Thursday’s daily range, creating Inside Bar formation. The upper IB limit is close to the defeated growth channel support, which together form a confluence of resistance.

EURAUD Daily – Inside Bar below the broken channels support

XM offers traders minimum deposits from $5 and security through CySEC, ASIC and FCA licenses. Trade with a broker with 10 years of market tradition and more than 2.5 million clients worldwide

In H4 the last two candles also form an Inside Bar pattern. MACD is in an upward phase which may suggest that before the price goes south, demand may try to push the price upwards and lead to a re-test of the defeated channel support (blue version).

EURAUD H4 – two versions …

If, however, the breakout from the IB in spite of the rising MACD is thru the bottom, it will be worthwhile to join the supply and open a sell order (red version). The range of falls in the first move is the demand zone starting at the level of 1.5930.

In our Facebook group, which you can join anytime: https://www.facebook.com/groups/328412937935363/ you will find 5 simple strategies on which my trading is based. There, every day  we post fresh analyses of currency pairs and commodities

Leave us a comment!

Ransquawk