EUR/AUD – correction brings entry opportunity

Weekly chart:

Since the low at 1.1606 AUD from July 2012, this currency pair has been able to break away considerably upwards. When the red downtrend broke at 1.4345, the path for a new upward trend was free. This pair used this template, so that we now have a nice big correction zone between 1.5839 AUD and 1.368 AUD. For a while now, the price has been sticking around in this zone, frequently offering new opportunities to speculate on a continuation of this trend. As long as the closing price does not underbid the green box, these opportunities will also remain available.

Daily chart:

The large trend in the daily chart is joining in with the big picture from the weekly chart. The correction zone runs between the same markers here. Here, however, the correction was able to run a little deeper, such that one definitely still has to summon up some patience in this trend size. But here, too, the same statement goes: as long as the green box remains intact, so will the trend.

Hourly chart:

The hourly chart is showing us this entry opportunity even more clearly, especially given that this was already visible last week and was also used by myself. The DowHow signals appeared as early as 22-09-16, but the price has not yet been able to clearly break away so far. The current correction, therefore, is offering another chance to speculate on the next movement. With a stop beneath the green box, one can let oneself be stopped out on the way upwards in the next few hours. However, if the closing price exits the green box in a downwards direction, the scenario would be over.

For presentation purposes the trading software “AgenaTrader” has been used.

IMPORTANT NOTE:
Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk.