EUR/AUD showing no signs of getting tired

EUR/AUD has rallied 150 pips since I wrote this yesterday  and is showing no signs just yet of any tiredness, with the hourly chart on a vertical trajectory. I suspect that there is more to come, so if you are bearish, take a break and come back when conditions are more conducive to top-picking.

  1. My common sense tells me not to chase the trend.So i shall patiently wait for a retracement whenever it suffices.Or do u think i have already missed the party,Sean?

  2. Hi Banya, I think this party boat has already left the dock but there will be other chances I’m sure. I agree with you that the risk-reward with entering here at 12650 just isn’t good enough so best wait n hope or look elsewhere for better opps.

  3. I’m losing 300 pips on a small SHORT position of this pair. As it is small and I get positive interests on this position, I am not worried too much. I consider rescuing it. Do you think that opening another short position around 1.27 is a good idea? Regards!

  4. Hi Lam-Son, no I don’t think selling here is a good idea. I’d play a 12550/12850 type range with bullish bias. So wait for bigger rallies before selling and also wait for short-term tops to form so you can know where to put your s/l order. Definite bullish bias on this pair so use dips to reduce exposure imho

  5. Thanks for your input Sean. The EUR/AUD is very tricky these days. Was down to historical low level 1.6 and now creeping towards 1.3 🙂

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