Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/AUD Friday Night Support

Published 01/23/2017, 12:22 AM
Updated 01/13/2022, 05:55 AM

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:
EUR/AUD Daily

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:
EUR/AUD Hourly

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 still very much valid and in play heading into Monday.

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.