Eur/Aud is in a value area or (consolidation)
The Trend Line Was Broken and Retested , Then We Have a Daily Red Candle Signaling A Move Down! The Retest happened at the .236 Fib Level and has been respecting fib levels on nearly every swing!
If Eur/Aud bounces down from this level, because of consolidation, it could be a powerful move down!
With all of this being said.. On Hour 4 , Price moved above the 200 day moving average and retested this average...which is evidence of a move up and not down!
Remember that even on the daily time frame, Eur/Aud is Above the 200 day Moving Average meaning that this is a uptrend and the 200 day average has been acting as support for a while now.
So we have evidence of a move up , and a move down! It could fall hard to the 200 day moving average on the daily chart and then move up from that average!
Im thinking more toward a sell than a buy.... but I will wait until price breaks the consolidation area before entering the trade.
The Trend Line Was Broken and Retested , Then We Have a Daily Red Candle Signaling A Move Down! The Retest happened at the .236 Fib Level and has been respecting fib levels on nearly every swing!
If Eur/Aud bounces down from this level, because of consolidation, it could be a powerful move down!
With all of this being said.. On Hour 4 , Price moved above the 200 day moving average and retested this average...which is evidence of a move up and not down!
Remember that even on the daily time frame, Eur/Aud is Above the 200 day Moving Average meaning that this is a uptrend and the 200 day average has been acting as support for a while now.
So we have evidence of a move up , and a move down! It could fall hard to the 200 day moving average on the daily chart and then move up from that average!
Im thinking more toward a sell than a buy.... but I will wait until price breaks the consolidation area before entering the trade.