EUR/AUD Trade Strategy Snapshot 1/17

\ 7:47 AM EDT \ January 17th, 2013
Forex Technical Update

EUR/AUD  1H chart 1/17/2013 7:45AM EST

http://screencast.com/t/P36Ft0DP
(click link to view chart)

EUR/AUD is in a strong bullish push after some consolidation as you can see in the screenshot (by clicking the link above). There is a break of the previous high at 1.2706. This swing came all the way from the 1.2556 level which was the bottom of the recent retracement. Quite a sharp move, maybe not the best time to play a breakout. So one idea is to wait for RSI to come back down to 50-60. A fuller retrace can take it to 40, so be prepared if the first attempt is too early. Price-wise, it should not fall below 1.2620. Preferably staying above 1.2650.

1st target is 1.2777-1.28.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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