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EURAUD 60 Minute Chart Analysis February 7th, 2017

Tuesday, February 7, 2017 0:58
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Screen Shot 2017-02-07 at 14.24.05

Hello traders and good to be back with you. I am really liking price action that we are seeing in this AUDUSD, I am bias bearish and only looking to sell this pair. OK let us look at the chart as we can see on this chart how nice this bearish trend is and some nice opportunities we have to make some profit. So I have placed the Fibonacci tool on the chart and looks like we are going to look for an aggressive pull back to the 38.2 level at price of 1.4080. I would then look for a bearish candle formation so I can get a good solid entry. Once we enter I see a support level that I would be a place were I would expect a bounce at the price level of 1.4020, after that clear shot to our take profit. I have placed a take profit zone on the chart and we are looking to get out of this trade at the price level of 1.3960.

Thank you traders and we will talk with you soon…….William


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