A lot of great opportunities playing out in the FX markets at the moment and a lot of great pattern set ups to choose from. EurAud is no different, a large symmetrical triangle remains in play since early 2015. The longer term perspective suggests some huge upside moves. The question however is when will these take place? Volatility has risen significantly, making trading these opportunities a lot more riskier.

Like most of the trades I'm currently putting on I prefer the risk off play ie. taking the negative carry currency. Debt is a massive problem worldwide and a massive unwind is certain. Having some risk-off currencies (particularly the yen) in your portfolio is therefore obviously a good idea.

That being said, I see a 1.51 to 1.60 range over the coming weeks in this pair, speculating on a 1.58 level by early July.

Daily candlestick projection:


Weekly symmetrical triangle idea:


-AgentSmith
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