Trade ideas:
1. SELL at 1.5660; TP1 1.5625; TP2 1.5575; SL 1.5674;
2. SELL at 1.5620; TP 1.5575; SL 1.5635.
Cross currency pairs offer many exciting trading opportunities and are good for technical analysis.
For example, have a look at the weekly chart of EUR/AUD. Last week the pair tested the 50-week MA at 1.5770 but failed to get above it. A pin bar was formed below this resistance. It’s a sign that the downtrend continues. The weekly pivot is at 1.5674: as long as the pair stays below it, the outlook is negative.
![EURAUDWeekly.png](/storage/uploads/images/1543228585-e43601b11f1c26a771e41200c4606849.png)
Let’s move to H4. MACD entered the negative area, the pair fell below MAs, and it looks very much like a “Double Top” pattern with the neckline in the 1.5665 area. An opportunity to sell will present itself either below 1.5620 or on the retest of 1.5660.
![EURAUDH4.png](/storage/uploads/images/1543228609-45e56d4f3e56a93d62e0848a4cfe6348.png)