EURAUD Forecast and Trade setup for the week ending 5th September, 2014

EURAUD Forecast and Trade setup for the week ending 5th September, 2014

• On the watch list for possible break of support and ride it down

Monthly Chart

• Monthly Candle - Bearish
• Nearing Possible support perhaps?

Weekly Chart

• Weekly Candle - Bearish
• Trading below 50EMA

Daily Chart

• Daily Chart has a cleaner S/R , to me, further weakness is favorable due to the candle closing at its lows at support. I would look for a break and retest and target to the mid point and trail to the next support after.

Hourly Chart

• Price is staying very condensed in the s/r zone and with no signs of reversal. I would look for a significant break of support and sell into that (as per my comments on daily)
• It is to note that there is RSI Divergence on the H4

Outlook Trade opportunity

Favor the downside on this pair, looking for price to break support convincingly and look for an opportunity to short it and ride towards the mid point of 2013 and trail to the next support after.

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below