Price has reached a major support level for the EUR/AUD, on the D1 timeframe.
- Our harmonic scanner sent a breakout alert to the upside yesterday…unfortunately, price has already moved up quite a bit, so please keep this in mind with your entry.
- TP 1 has already been hit. Our recommendation would be to wait for a pullback or be sure that you have your SL and TP2/3 setup. OR…simply watch this one (take on demo) to see the price movement of the pair from here on out.
- The harmonic scanner has a 93% win rate on this currency pair.
- Our target levels for the long position are 1.61218 – 1.63100
- Exciting news as well…. we will be releasing the Harmonic EA Scanner realtime signals to members in the upcoming couple of months. Our team has been hard at work on developing this EA for you and we will keep you all posted on the progress over the next couple of weeks!
What Others Are Predicting
But I don’t think that selling is a good idea.
The weekly chart supports buyers as the price is at SMA100.
The daily timeframe gives us a support zone between 1.59000 and 1.59700 levels. In order to continue the downtrend, the price will have to drop below the support.
RSI doesn’t support the further downward movement. The same goes about MACD histogram. DMI doesn’t tell us about the strength of sellers.
I would like to use the previous bullish candle as a reversal pattern and buy based on it. The market can move above the uptrend line and continue the uptrend, or just move sideways in the borders a price channel . It does not matter. For both cases, we have the space for the upward movement. That’s why I think it is better to open long positions in this market.
Reasons for buy :
– Retested support & trendline
– Previous daily bullish candle
Cheers to another successful week!