EUR/AUD bounce at the megatrend moving averages
|EUR/AUD technical analysis
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EUR/AUD Inside outside pattern bounce.
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The move is bullish.
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Intraday target is 1.4970 zone.
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Potential swing target os 1.5230.
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The ATR is 132 pips.
MEGATREND MAs: Bullish
D1 chart EUR/AUD
1. Double top valley.
2. Low prior to V-shaped reversal.
3. Bounce above the MAs - IO pattern ™.
4. Intraday target 5. Swing target.
The EUR/AUD is bullish and the price is trying to get the upside momentum so it could continue climbing back up. At this point we can see that the price is trying to reach Q L5 resistance - 1.5015. However it will need more EUR strength vs AUD weakness.
The IO pattern is my proprietary pattern that I teach on my MEGATREND course. It represents the bounce off the MAs with the close above the MAs happening at the same candles. It is validated also by the specific wick which signifies strong buyers. 1.4830-50 is the entry zone. Being a minor cross I recommend trading it with lower risk. The ATR for the last 14 days is 132 which indicates a volatile market. Intraday target is 1.4970 zone while the swing target is 1.5230. Swing target will only be reached if the price proceeds above 1.5015 and EUR fundamentals are stronger than the AUD.
This analysis, the IO trade and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 1 long trade on the EUR/AUD. My Telegram group received a short EUR/AUD signal as a part of the trading method. Watching the daily time frame for this trade, and It has been qualified as an intraday trade with protection of profits by moving SL in profit at the intraday and intraweek levels.
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