Crunch Time for EUR/AUD Support | Vantage FX

Crunch Time for EUR/AUD Support

June 21, 2017

Selling this EUR/AUD resistance zone gave day traders a short term bounce, but the bearish momentum was short lived and price subsequently rallied hard through the level.

Just from reading the online trading community’s thoughts, I can see plenty of chatter around about buying these pullbacks and if this is your view, then this daily support level is key. It’s certainly crunch time for the bulls.

EUR/AUD Daily:
170621_euraud_daily
Click on chart to see a larger view.

I’ve only included a single, hard line but as you can see when you look back to the left side of that chart, there is plenty of long wicks and chop here and there. That is just the price action nature of a forex cross such as EUR/AUD and highlights the risk management mentality that you have to have to trade these types of pairs successfully.

With this in mind, when a day trader zooms into an intraday chart, they still have to come up with a strict risk management plan which should involve the short term levels that have most recently been tested. These levels can’t be zones like the higher time frame because we need a hard number to take entries or set stops around.

After zooming in, what have you come up with?

If you’re trading EUR/AUD then screenshot your chart and be sure to mention @VantageFX on Twitter to contribute to the discussion.

Best of probabilities to you!

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and forex broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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