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There is a very interesting setup brewing in the EUR/AUD chart that I figured I would feature today. What has been a long bull run for the Euro againts the Australian dollar has pulled back considerably from the highs that it registered on August 12th. A nice downtrend is starting to meet resistance that is defined by the bottom formed back on August 11th. I like this area for support if you are going to try to catch the beginning of a new bull run for 100+ pips. But be careful here; if this pair breaks through the resistance at 1.68000 to the downside, this could be in for a few more days of bullish action. So be aware of this pivot point. I suggest if you are going to the high side to take your profit and be happy. I don’t like how choppy this pair could become near the end of the week if it doesn’t break out of the sideways tunnel between 1.6800 and 1.7300.
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Mon, Aug 18, 2008
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