The EURAUD bulls ended a 4-month slump in July but is yet to reverse its August 2023 downtrend.

As a result, my July 5’s short trade plan has exited in loss after holding for 11 days and 10 hours:

https://www.finlogix.com/analysis/20240705/euraud-intraday-analysis-and-trading-plan-for-july-5-2024

There are 5 upcoming high impact economic reports in Europe while none in Australia this week.

Re-assessing EURAUD’s high timeframe candles:

Yearly Candle: Last check is a Red Long Upper Shadow now a Green Long-Legged Semi Doji

Monthly Candle: Last check is a Green Semi Gravestone Doji now a Green Body with a Longer Tail Wick

Weekly Candle: Both previous close are Green Body with Longer Head Wicks 

Daily Candle: Previous close is a Red Long-Legged Semi Doji current is a Green Spinning Top

The overall yearly range for EURAUD that forms its long-term trading range from June 2023 decline to August 2023 peak is 1.5850-1.7070.

However, on the monthly we can still see that a downtrend is still active since that peak in August 2023.

Recent fall last month has suggested a strong buying of deeps below the long-term’s 78.60% fib retracement level resulting in a bullish engulfing July.

Back to the 4H chart, we can see a convincing move up that has fully reversed my previous bearish call!

Buyers came to step in the 1.60 levels and EURAUD’s price returned above June 3’s support levels from last week’s close.

This formed a bullish inverse head and shoulders pattern.

Next stop will be the long-term’s 61.80% fib level where the 1.6320 resistance resides.

As long as price stays above June 3’s external lows, moving up is bound to happen.

In today’s trade plan, I’m going to change my call to a long position.

I will enter for potential dips below June 3’s support levels intraweek with a tight stop loss and targeting long-term’s 61.80% fib level breakout.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

EURAUD Intraday Analysis and Trading Plan For July 21, 2024

Jul 21 2024

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