EUR / AUD - I’m Not Blaming “Them”
January 9, 2008 • Use Charts Better
Looks like my timing with EUR/AUD was still a bit early relative to the continued lukewarm selling that ensued since I posted on this idea. This was a possibility I accounted for, which is why I only went in with a probing trade as discussed in my previous post.
As of right now, I still believe that a long potential may exist relative to the price action on the Daily chart. It’s running right into the area of congestion I pointed out in my previous post. I still believe that near-term this area of congestion is acting as supoprt so until it’s clearly violated to the downside I won’t necessarily be changing my stance just yet. What I’m doing now is hanging back and watching for another opportunity to time my entry. If on the other hand the pair breaks definitively below the 1.5650 area I’ll stop being a Bull and start to reassess what trading opportunity, if any, exists at that point.
Happy hunting.
