EUR/AUD Swing High Resistance Zone

Good morning traders,

Happy Friday! So that’s another 2017 week down and it’s time to start considering your trading plan heading into the Christmas period. Volumes are traditionally down and now we’re about to head into the last week of November, it’s time to get your plan sorted. This is something that I’ll speak more about next week.

Onto today’s technicals and we’re back at it today with a look at one of my favourite forex crosses: EUR/AUD. Do you remember the “Crunch time” for EUR/AUD support blog? Well the support level in question held and price has now kicked up to major swing high resistance:

EUR/AUD Daily:

Click on chart to see a larger view.

This is obviously a very crunchy resistance zone and I’m excited by the fact that price has held the zone on the higher time frame chart. Now depending on how aggressive you are as a trader, you have a few choices.

You could immediately short the level. It Is below it again and looks like holding. Alternatively, you could wait until a new low is made on an intraday chart and then sell any short term rallies back into previous short term support turned resistance.

Enjoy your weekend and as always, best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog