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EURAUD to Face Increased Headwinds Following Break Below Rising Hourly Trend Line

EURAUD to Face Increased Headwinds Following Break Below Rising Hourly Trend Line

2011-02-17 16:30:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Short EURAUD @ 1.3419

1.3379

1.3370

1.3636

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Pending Short GBPCAD

1.59464

1.5929

1.5929

*Note: EURUSD short is from the last updated report on Thursday

The EURAUD managed to break below what appears to be a text book asymmetrical triangle on the hourly chart. As the pair finds support at 1.342, I will look to enter into a short position below this level and target 1.3379. Indeed, the economic docket during the overnight trade will be fairly muted, therefore, currency traders should closely monitor risk trends for direction. It is worth noting that the yield on 10 year notes in Spain, Portugal, and Italy continue to push higher, which is concerning due to the fact that these current levels are unsustainable. As debt fears resurface, the euro may come under pressure as markets take a closer look at fundamental developments (or lack thereof) in the 17 member euro area. As price action moves in our favor, look to place a trailing stop in order to avoid any unforeseen losses.

EURAUD 1Hour Chart

Intraday_Trading_02_17_11_body_euraud1.png, EURAUD to Face Increased Headwinds Following Break Below Rising Hourly Trend Line

Charts Created Using FXCM’s Strategy Trader

Close: 1.3439

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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