EUR/AUD - D1
Our expectations - The price rebounds sharply down from a resistance zone, while confirming a test of the already falling up trend. The zone is formed by horizontal resistance, major diagonal of the drilled trend channel and 61.8% Fibonacci correction. I expect the downward impulse to remain. The price movement forms the Triple Top formation - negative for the pair. DeMarker points down from a surplus zone - negative for the price. Price Action - Bearish reversal bar - a very negative formation. Sequential counts 7 on top, which does not exclude short ascending pulses. 50 and 200SMA still in bullish formation. The current level marketed is considered to be a risky one and therefore it is good to bring the SL over the top of the Triple top formation.
SL: 1.59013
Alternative scenario: If the price goes above the resistance zone, the negative scenario will be spoiled and we are more likely to see an increase in the pair's price
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.