EURAUD H&S formation

RachelFX

Junior member
29 12
I have been following EURAUD for some time now as it has been on an uptrend for some time.
However, I have recently been trading the H&S reversal pattern which is nearly complete, and can be seen on the 4hr and daily nicely.

My entry into this trade was off the top of the right shoulder, with partial profits taken before meeting the strong daily uptrend line.
It broke through the trend line support and now presents a small opportunity to enter as it has broken a 4hr mid range level, and is currently developing a small flag and showing a rejection through the 0.38% fib level and EMA 17 on the 4hr chart. Although the 1.61145 on the 50% fib level is where I feel the flag may peak to first, so remaining patient and waiting for strong confirmation. Potential 150 pip move down to the neckline if it comes.

If the move plays out and reaches the neckline then I will be looking for this to complete a significant move to the downside once it has broken and tested the neckline.
 

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RachelFX

Junior member
29 12
Thanks for sharing Rachael, interesting analysis. EURAUS is one of my favourite pairs!
Moved nicely off the 50% fib retracement level for 100pip move down, another retracement playing out but still see this breaking down again, so holding the position currently.
 

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