EUR/AUD Friday Night Support | Vantage FX

EUR/AUD Friday Night Support

January 23, 2017

New trading day, same old trading setup!

Yes, we come back to the Euro Crosses to start the week with a familiar setup in EUR/AUD.

EUR/AUD Daily:
160123_euraud_daily
Click on chart to see a larger view.

Price has been testing this higher time frame support level multiple times for just about the last six months. I haven’t shown the chart here, but if you zoom out and take a look at the weekly chart, you will see the zone had some key rejections back in 2013 and then again in 2010. It’s significant.

If that’s not enough for you, the higher time frame level is made even more significant because of how hard price bounced off the level. That 2013 bounce went close to a 2000 pip rally straight vertical. Yikes!

EUR/AUD Hourly:
160123_euraud_hourly
Click on chart to see a larger view.

The setup on the hourly chart marked here is one that we speak about a lot on the blog. Daily support holds then we look for an entry on an intra-day retest of short term resistance turned support to maximise the risk:reward on our trade.

Now I know that many of you (me included, come on Sydney FC!) wouldn’t have been at your charts that late on a Friday night, but the setup is very much still valid and in play heading into Monday.

Mention @VantageFX on Twitter and let us know how you intend to play the setup?

Do you see opportunity trading the currency crosses? Open a live forex account with top Australian forex broker, Vantage FX.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex 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 FX 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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