EURAUD – Just a nice chart (Part 1- with apologies)

(Preface: I was supposed to post this blog yesterday, but got sidetracked by other more pressing matters! My apologies, though it’s still a sound blog piece compared to what has happened in the last 24 hours.)

Tuesday 22/2/2011

As mentioned in my previous post I’ve been watching the EURAUD this week for a trade.  Here’s a snapshot of the daily chart of the EURAUD.  It’s not meant to be a trade recommendation (though I do have a trade order in for myself) more a discussion piece on a particular chart / currency.

EURAUD has been in a storming downtrend for a long time.  As you can see from the chart over the Christmas / New year period price based and performed a very nice double bottom before roaming north.

After a stong retrace of approx 950+ pips  it reversed south again.  It performed a very nice bounce off the 50-62% Fib retrace zone and has been in a consolidating move north.  There’s a line of resistance at the 1.3600 level that if broken could lead to a move north.

What do people think?

FXTraderPaul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

View all posts by FXTraderPaul

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