The EUR/AUD is showing a dark cloud cover pattern at the top just below D H3 but above W H5. Bearish divergence has formed and the pair should go down.
1.5740-50 is the zone for rejections. This is a counter trend trading opportunity and as long as the price is capped below 1.5780 we should see a bearish move – retracement in uptrend. Targets are 1.5700 and 1.5750 zone. Watch for renewed bearish momentum if the price drops below 1.5650.
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Many green pips,
Nenad Kerkez aka Tarantula FX