Short setup on the EURUAD
The EURAUD shows a sell signal on the 4H chart. The pair appears to be in a wedge pattern at the moment and is bound by a descending trend line (thin black line) from the top and an ascending trend line (thin black line) from the bottom. The orange thick line is a longer-term line that will possibly become more relevant after price finds its way out of the wedge pattern with a break to the top, but that's another conversation.
If you draw a fibonacci retracement over the large move from the top to the bottom, you'll see price is struggling to stay above the 61.8% line. Although, it has closed above this line in the past, it has constantly found resistance at the top trend line of the wedge after doing so. This most recent time shows price formed a new low and is testing the area it briefly left from with this latest setup.
Price has once again been rejected in the form of a 2-bar market reversal from this area as the top trend line and the 61.8% fib retracement converge to form a confluence area after the new low. This is a pair to watch.
Target is set at the bottom, ascending, trend line.
If you draw a fibonacci retracement over the large move from the top to the bottom, you'll see price is struggling to stay above the 61.8% line. Although, it has closed above this line in the past, it has constantly found resistance at the top trend line of the wedge after doing so. This most recent time shows price formed a new low and is testing the area it briefly left from with this latest setup.
Price has once again been rejected in the form of a 2-bar market reversal from this area as the top trend line and the 61.8% fib retracement converge to form a confluence area after the new low. This is a pair to watch.
Target is set at the bottom, ascending, trend line.
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