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| EURAUD weekly TF |
When you're in doubt as to when the big moves in the majors should commence, while thinking through that, consider playing with the crosses of the majors instead as they offer enormous trading opportunities with great reward. Euraud is one of those crosses that has been consistently productive in terms of pips shed. We have been short this pair right from when we had a spike of the second shoulder of the head and shoulder formation sitting gallantly on the daily time frame around 1.45 region to eventually target 1.3250 for a total trip of 1250 pips in perhaps weeks to come. This pair in my humble opinion has resumed a truncated downtrend which commenced about 7 years ago after putting up a top at 2.1126 (2008) and as well bottomed at 1.1604 (2012) after which it staged a corrective rally which was capped below the 38.2Fibo of all time high before resuming the decline again. Overall targets for this recent decline could push to as low as 1.2300 if 1.3250 supports is successfully taken out. As always, we shall keep the updates coming as we manage our positions into these levels. For more of swing trading opportunities like this, take advantage of the services forexinsaitz has to offer and be glad you did.
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