Onto today’s technicals and we’re back at it today with a look at one of my favourite forex crosses: EUR/AUD. Do you remember the “Crunch time” for EUR/AUD support blog? Well the support level in question held and price has now kicked up to major swing high resistance:
This is obviously a very crunchy resistance zone and I’m excited by the fact that price has held the zone on the higher time frame chart. Now depending on how aggressive you are as a trader, you have a few choices.
You could immediately short the level. It Is below it again and looks like holding. Alternatively, you could wait until a new low is made on an intraday chart and then sell any short term rallies back into previous short term support turned resistance.