EURAUD, Daily
EURAUD dropped 1.32% yesterday and produced a nice trade (> 100 pips) for those that attended yesterday’s Live Analysis Webinar. Today the pair is trading near the daily Bollinger bands and looks like it could move higher from the current levels. This buy area was discussed yesterday in the webinar and now’s the time to consider taking the advantage of it. EURAUD is reacting higher at the time of writing and could retrace yesterday’s move. Stochastics in the daily timeframe are near oversold levels while all my oscillators (Stochastics, RSI and MFI) are deeply oversold in the four hour chart.
This morning we had a signal to go long in the buy area between 1.4716 and 1.4794 so those that attended yesterday’s Live Analysis Webinar knew when and how to get long. Should the market provide another buy signal, we could still consider going long on this market. My Target 1 for this trade is in 1.4907 – 1.4930 bracket and Target 2 in 1.4980 – 1.5040 range. Only trade these ideas if you agree with the analysis and are (after substantial testing) confident that you can assume the risk.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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