Hello fellow traders. Another trading opportunity we have had lately is EURAUD. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURAUD published in members area of the website. As our members know, EURAUD has incomplete bullish sequences. Break of March 28th peak has made cycle from the Februay 2017 (1.3593) low incomplete to the upside, suggesting the pair is now bullish against the 1.5569 low. Consequently, we advised our members to avoid selling it and keep on buying the dips in the sequences of 3,7,or 11 swings. In further text we’re going to explain the forecast and trading setup.
EURAUD 1 Hour Elliott Wave Analysis 9.19.2018
Current view suggests the price is still doing pull back , correcting the cycle from the 1.5569 low. Pull back seems to be unfolding as Elliott Wave Zig-Zag Pattern , labeled as ABC red. As far as the price holds pivot at B red peak, the pair has chance to reach 1.61079-1.5969 ( buying zone). We do not recommend selling the pair against the main bullish trend. Strategy is waiting for price to reach the proposed buying zone (blue box) before opening long positions there. From that blue box we expect to get either further rally or 3 wave pull back alternatively. Stop Loss of the trade is break below 1.618 Fibonacci extension (.1.5969)
EURAUD 4 Hour Elliott Wave Analysis 10.2.2018
The price reached buying zone at 1.61079-1.5969 found buyers and we got turn higher as expected. However sellers managed to break last low, and our longs have been stopped out at BE. Now the pair is showing incomplete structure from the peak, suggesting we’re still in pull back agianst the 1.5569 low. Pull back is missing a swing toward 1.59473 area where we would like to be buyers again. Although we expect another leg down to complete incomplete sequences, we don’t recommend selling against the main bullish trend. Strategy is buyin the dips at extremes if gets reached.
EURAUD 1 Hour Elliott Wave Analysis 10.8.2018
Unfortunately pull back the pair has failed to give us last swing down, and left us without the trade. Now we’re callin wave (4) blue pull back completed 1.5984. Currently the pair is correcting the short term cycle from the 1.5984 low. Now, we would like to see break above 09/11 peak to get confirmation that next leg higher is in progress. Until we get that break, buying short term dips against the 1.5984 can be risky.
Note: Market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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