BabyPips.com FX-Men Team
BabyPips.com
EUR/AUD: 1-hour
Here’s a setup that your four-year old nephew can trade with his eyes closed! After hitting a low around the 1.5000 area, EUR/AUD has popped back up and is now trading just below 1.5200. The level has held as solid support last week, so it’s no surprise that it has become an area of interest for the bears. Of course, it also doesn’t hurt that the 100 and 200 SMAs, as well as a bearish divergence, have popped up to support the bears’ cause. A stop just above the SMAs could get you a sweet deal if you aim for the previous lows. Keep in mind that you’re trading a currency cross pair though, where tight stop losses are as recommended as sticking your tongue to a frozen pole.
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