Towards the end of February 2021 EURAUD seemed to have found a temporary bottom and has been trading sideways since. The pair still needs to make another move higher above the February 26 high to at least confirm a 3 wave move minimum to complete a corrective wave sequence. The overall trend on the higher time frames remains bearish but on the smaller time frames there are clear signs that the pair can bounce higher to terminate the corrective sequence.
On April 6/2021 I posted on social media @AidanFX “EURAUD watch for buying opportunities for a move higher towards 1.5548 – 1.5580 area.“
The chart below was also posted on social media @AidanFX April 6/2021 showing that EURAUD crossed above the Ichimoku Cloud signalling traders a bullish bias outlook. Price broke above the cloud then did a pullback to retest the top of the cloud and reacted with a move higher. Price also respected and bounced off the white Kijun-sen line which was all the signals I needed to squeeze the trigger and open a LONG position expecting a rally higher.
EURAUD 1 Hour Chart April 6/2021
EURAUD eventually rallies higher and on April 7 2021 price hits the 1:2 RR target at 1.5608 from 1.5488 entry for +120 pips. If you followed me on social media @AidanFX you too could have caught the EURAUD move higher. We at EWF never say we are always right. No market service provider can forecast the markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
EURAUD 1 Hour Chart April 7/2021
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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