Talking Technical: EURAUD Outlook for 10TH – 15TH March 2014

I am looking to buy EURAUD at 1.5200 levels or better if AUDUSD and AUDJPY find weekly resistance without breaking higher, stalls and heads lower or if EURJPY and EURUSD continue their bull run of last week.
Alternatively, I will sell EURAUD at 1.5350 or better if the short term Euro bull run seen in EURUSD and EURJPY stalls and heads lower, and then AUDUSD and AUDJPY break their weekly resistance to climb higher.
I will be extra confident of my trade if GBPAUD follows suit. This is because GBPAUD and EURAUD are strongly positively correlated.

My stops will be about 50 to 100 pips away from entry. I will hold on to the trade for at least 100 pips or till the end of the week.


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