EUR/AUD: Did anyone else catch this super rocket???
Community members were alerted about the bullish potential on this pair at the beginning of last week as we patiently waited for the right time to strike and achieve the SNIPER entry.
On the back of the news released from the EURO zone the bulls entered the market and took this pair from its 4 weeks lows , where community members had achieved +500 PIP short trade from the very top of the daily chart as shown, and are currently holding this long trade for another +300 PIPS.
Since the EURO news last week Thursday this bullish move has not looked back once, with the bulls in full control constantly pushing higher and breaking the recent downtrend with ease.
We are now reaching an important resistance level at the 1.6250 level retesting the head and shoulders formation previously formed on the daily and 4 hour time frames. From here we may see price finally take a breather before deciding its next move. Should the bears take control we have resistance broken at 1.6050 that can become a new target to retest as support. A close above the 1.62500 could be a confirmation of bulls to continue even higher and after we see a retracement lower then make another move higher back towards yearly highs as a long term target.