Wednesday, May 21, 2014

Now EurAud is saying something!

This pair, in the recent months, has been moving southward with beautiful wavy patterns. I don't think it is ready to stop doing that despite the recent upward push.

Going by my wave count, wave 4 has completed and a move to the region of 1.4560 suggests that wave 5 is ruling. With the recent up-push, it appeared that wave 5 could be through. But a proper look suggests that wave 5 has not reached its minimum projection level.

Presently, we see this pair resting on a very strong resistance ( with the convergence of 4 parameters) after an ABC-61.8% harmonic reversal pattern successfully formed ( at least potentially) on H4. This suggest that wave 5 has not completed yet and a strong move is now expected downward to 1.4560 and 1.4140 ( for the stretched term).

I am expecting a candlestick bearish pattern on H4 and some other parameters to align  and then sell this pair expecting large move.

Please let me know if this blog has been helping someone by your comments  and you can also contact me if you need a trading partner,mentor or fund manager Facebook- sanmi Adeagbotwitter- ForexelytePhone no: (234)08134820569

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