Friday, June 5, 2015
EURAUD Set to Fall Hard Soon
I've seen enough on this pair to conclude that it will sell off soon. It is severely overbought short term. As long as 1.4681 holds, then prices are poised to shoot lower very soon. My initial target is at 1.4400, which is over 200 pips away. But risking 70 pips to make 200 in a high probability trade is always desirable.
Plus, the backdrop of EURUSD weakness that seems to be taking hold again, I like getting short the EURAUD as the technical setup and risk/reward is quite favorable out of all the euro pairs.