EUR/AUD Sell Opportunity Emerging

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Last Updated: 10 min ago

The EUR/AUD is showing solid near-term resistance near 163.50 based on an emerging 1hr bearish Gartley pattern projected to complete near the point D on the chart below based on the following Fibonacci/pattern convergence:

  • 61.8% of XA
  • 161.8% OF BC
  • AB=CD
  • The key will be for prices to rally to our projected entry at 1.6330 without first moving below point C (1.6055) which negates pattern structure and invalidates this particular setup. Additionally, any gaps and/or wide-ranging candles (2-3x's average) prior to the projected entry (even if the high at point C holds) may invalidate this trade as they are signs that a continuation move may be in progress.

    The initial profit target of 1.6255 (T1) represents 38.2% of the projected CD leg at which point stops will be moved to break even, and the final target of 1.6184 (T2) sits above 61.8% of CD. Stop-loss will be placed just above 61.8% of XA.

    Potential strategy: Sell if prices rally to 1.6330 with stop-loss at 1.6381 targeting 1.6255 (T1, stop to break even), 1.6184 (T2).

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    TRADE RECOMMENDATIONS

    • Trades to Watch
    • Trades in Progress
    currency recommendation
    USD/CHF
    Medium term



    Sell Sell at 1.0677
    Stop at 1.0706
    Target at 1.0633
    AUD/USD
    Medium term



    Buy Buy at .9152
    Stop at 0.9136
    Target at 0.9175
    GBP/JPY
    Medium term



    Buy Buy at 136.1000
    Stop at 135.58
    Target at 136.89
    currency recommendation
    NZD/USD
    Medium term
    Opened 2/26/2010
    Sell Short from 0.7141
    Stop at 0.7205
    Target at 0.7055

    QUOTEBOARD

    • Key Quotes
    • Currencies
    • Markets
    •  
    • current
    • high
    • low
     
    • EUR/USD
    • up
    • 1.3611
    • 1.3622
    • 1.3604
    EUR/USD
    5 min chart
    • GBP/USD
    • up
    • 1.5246
    • 1.5251
    • 1.5239
    GBP/USD
    5 min chart
    • USD/JPY
    • down
    • 90.54
    • 90.59
    • 90.35
    USD/JPY
    5 min chart
    • OIL
    • down
    • 81.77
    • 82.10
    • 81.69
    CLJ0
    5 min chart
    • GOLD
    • up
    • 1122.6
    • 1126.2
    • 1121.7
    .GOLD
    5 min chart
    • US Stocks
    • up
    • 10772
    • 10777
    • 10769
    .US30
    5 min chart
    • UK Stocks
    • up
    • 5645.0
    • 5647.5
    • 5643.5
    .UK100
    5 min chart
    • DEM Stocks
    • up
    • 6028.6
    • 6031.6
    • 6026.8
    .DE30
    5 min chart
    • JP Stocks
    • down
    • 10778
    • 10803
    • 10768
    .JP225
    5 min chart
    •  
    • current
    • high
    • low
     
    • EUR/USD
    • up
    • 1.3611
    • 1.3622
    • 1.3604
    5 min chart
    • GBP/USD
    • up
    • 1.5246
    • 1.5251
    • 1.5239
    • USD/JPY
    • down
    • 90.54
    • 90.59
    • 90.35
    • USD/CHF
    • up
    • 1.0579
    • 1.0582
    • 1.0567
    • USD/CAD
    • down
    • 1.0145
    • 1.0149
    • 1.0134
    • AUD/USD
    • up
    • 0.9198
    • 0.9211
    • 0.9192
    • NZD/USD
    • up
    • 0.7140
    • 0.7150
    • 0.7137
    • USD/MXN
    • down
    • 12.5107
    • 12.5142
    • 12.5107
    • EUR/JPY
    • down
    • 123.24
    • 123.34
    • 122.95
    • GBP/JPY
    • down
    • 138.04
    • 138.08
    • 137.72
    •  
    • current
    • high
    • low
     
    • OIL
    • down
    • 81.77
    • 82.10
    • 81.69
    5 min chart
    • GOLD
    • up
    • 1122.6
    • 1126.2
    • 1121.7
    5 min chart
    • SILVER
    • up
    • 17.252
    • 17.371
    • 17.219
    5 min chart
    • US500
    • up
    • 1165.1
    • 1165.6
    • 1164.6
    5 min chart
    • UK Stocks
    • up
    • 5645.0
    • 5647.5
    • 5643.5
    5 min chart
    • DEM Stocks
    • up
    • 6028.6
    • 6031.6
    • 6026.8
    5 min chart
    • JP Stocks
    • down
    • 10778
    • 10803
    • 10768
    5 min chart
    • AU Stocks
    • down
    • 4866.5
    • 4870.0
    • 4860.5
    5 min chart
    Data source: GFT

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