This analysis shows the main factors behind the Short Position opened on the EURO AUD. These include
1. The Formation of Double Tops on the Daily Chart.
2. The Formation of a Pennant Setup on the Daily Chart.
3. The expected move towards major Support within 3 Days.
4. The expected move towards the Pennant Support in 7 to 14 Days.
The market provided a strong Tweezer Top to indicate the start of U-Turn on the Daily Chart, which would lead to completion of the Double Tops Signal. Once completed, it will take us lower towards a short-term Support that can be used for our first target. Thereafter, we can wait until the market provides us with another setup to trade towards the Support Boundary of the large Pennant Consolidation.
Duane
Swing Trading Master
1. The Formation of Double Tops on the Daily Chart.
2. The Formation of a Pennant Setup on the Daily Chart.
3. The expected move towards major Support within 3 Days.
4. The expected move towards the Pennant Support in 7 to 14 Days.
The market provided a strong Tweezer Top to indicate the start of U-Turn on the Daily Chart, which would lead to completion of the Double Tops Signal. Once completed, it will take us lower towards a short-term Support that can be used for our first target. Thereafter, we can wait until the market provides us with another setup to trade towards the Support Boundary of the large Pennant Consolidation.
Duane
Swing Trading Master