The Euro Australian Dollar.

Good evening Dynamic Traders,

Tonights chart on the four hour timeframe is of the EURAUD.

As can be seen from the chart below, this cross is in a consolidation, with the trend still up but at the moment we are fighting against previous resistance and trendline resistance,and at the figure and also a good spinning top candle for the last 4 hours bar, indicating a possible reversal could be upon us.
The consolidation is tightening but may not be ready to be breached as yet and so depending on your stance you know what to do.

As and when the breakout happens, either way, you could trade this with your ESLT, but if you want to go down to lower timeframes you could trade this intraday for smaller gains without having to exercise as much patience. At the moment Stochastics is hooking down and RSI is coming off OB levels.

As always please do your own analysis.

Charts courtesy of TradeStation.

Good luck.

Clayton Farnworth.
FX Technical Trader.