Weekly breakout on EURAUD, go short

30 באוק׳ 2016

The weekly chart shows that EURAUD has been in a trending down channel for a year. While there have been many dips below the lower boundary, two weekly closes were below it recently. This past week returned to touch the boundary. This is an excellent short opportunity to capture a full move down without chasing the breakout. My first price target is 300 pips based on the broadening formation right before the breakout. Then I'll target the next two weekly support levels shown. Use sane trailing stops to lock in profits in case targets aren't reached. Good luck!