The Euro Australian Dollar.

Good morning Dynamic Traders,

Todays chart is for the watchlist on the daily timeframe, however possible shorting opportunities may arise on the lower timeframes for those so inclined.

The image below is of the EURAUD, and as can be seen it has been in a significant downtrend since the beginning of the year.

It is currently being supported by the figure area, but on closer inspection we can see that the MOB is just further south, and not surprisingly, due to the make up of this tool, it does tie in with a fibonacci cluster in close proximity indicating a possible revesal/retracement point.

Also there is a good former R/S zone around here too as can be seen on the chart, and another confluence is the two forms of convergence with the sub chart indicator.

Other confluences are available for you to find, but depending on your stance, as previously mentioned, possibly shorting opportunities may arise on the lower timeframes, or if the daily is your preference, then patience is the key to see if this area is reached and then to use your filters. If this area is not reached and a possible reversal comes early then wait for your signals to be able to apply your filters then.

As always please ensure to do your own analysis before trading.

Charts courtesy of AdvancedGet.

Please remember as mentioned last week there will be no analysis from me this Thurday and Friday.

Good luck.

Clayton Farnworth.