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EURAUD H&S pattern in playing, retest neck line

Framework:
I. Fundamental: Excess liquidity in the euro system fell and put upward pressure on EONIA at the end of every months, EZ CPI is at low level and the market is watching closely next data released. Meanwhile fundamental data is supporting for Aussie despite of soft CPI data.
II. Currency positioning: Net long for both EUR and AUD.
III. Technical view:
1. Weekly chart: There is a new potential H&S in weekly chart. The pair could retest the previous neck line and go down again???
2. Daily…
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Haynes6EU avatar

The pair continues to go up to retest neck line! Moving into resistance zone seems slowly

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EUR fall down sharply after Mario Draghi speech, ECB can act in June! Price is stand at 1.47 level. I expect more downside at least to 1.45 :D

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Support level 1.456 still hold. This is important level and also pivot point!

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The pair bounce from 1.456 level. The next target could be 1.5. 1.5 become resistance level.

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This pair is stand at long-term pivot line around 1.46. A break and close below could be signal for more downside even to 1.42 or bounce from this level could be signal to go up!

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EURAUD H&S pattern confirmed

1. The price can't break pivot point to up channel
2. H&S pattern in daily chart confirm the pair is in downtrend, next support level is around 1.455 area.
3. Target: 1.455
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Haynes6EU avatar

It seems that the pair is play well follow my prediction :)

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The pair is standing above first support level around 1.47. If this level is broken, my target 1.455 on the way :)

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