EURAUD - Descending channel before heading up to close the wick

22 thg 6, 2019

EURAUD has been heading up over the last few months to close the wick that formed at the start of 2019. Over the last few weeks we had an impulsive move up from 1.61 to 1.645. Now I believe we will slowly retrace back to the fib 0.618 zone at around 1.62 (blue). On the short term you could look at a short from the current position back down to 1.62. I've included a bars pattern from a previous descending channel. With the increase in volatility it could be faster than shown.

Short term: Short back to to 1.62 area.
Long term: Long from 1.62 area back up to 1.65