EUR/AUD - Non-commercial Buying into weakness - Daily

The purpose of this analysis is to propose a general BIAS for this security.

EUR/AUD has now retraced down pass the 50-61.8% zone and heading towards the 78.6-88.6% zone.
A large quantity of SELL Stop-Loss orders on the LONG entries initiated on April 27th are sitting around 1.4915. These are currently being triggered to fulfil Non-commercial Buying activity. The largest anticipated move in this security is therefore to the Upside on the DAILY, meaning SHORT positions are likely to suffer the greatest.

Comentário:

The region of 1.4829 will prove to be a Resistance zone as sell orders are being issued at the moment. This security may or may not pull back but either way a short term top is not yet confirmed on EUR/AUD.

Trade ativo:

EUR/AUD is presenting a "BUY-more" opportunity for non-commercial trading firms. This security gave a hard time to professional traders as many got burned by their own stop-loss levels. This consolidation we see around the "green support zone" on the daily chart should soon resume and give room to the expected higher move. The fresh injection of positive cash from non-commercial traders is a good sign.

Trade ativo:

EUR/AUD met its first target today at 1.5023 on the daily. This is a 50% Retracement from the low of 1.4399. Next target is 1.5379 , the 78.6% Retracement from that same low. It's important to note the initiation of new SHORT programs from Non-commercials. we might see some weakness here, so it is safe to take some profit off the table. Massive Buy-stop orders are seating at 1.5363. These people provide stop-rum opportunity for current non-commercial buyers who might push the market higher in order to sell-to-close at 1.5363, feeding from the buy-to-close from professionals at this level who were SHORT. I am still LONG at this moment in time.

Trade fechado manualmente:

The above scenario is still possible but i am re-allocating fund into more active securities. There is an imminent pullback for EUR/AUD