EurAud – A Possible Third Retest of the Support Zone|KOL Analysis• Jasper Njuguna

The last three months has been a state of dull to especially swing traders who were riding the bearish trend as there now caught up in a range zone for the stated trading duration period.

Earlier in the year, we saw a significant strong bullish move that started right about 1.61034 price handle and as per now it is still holding fort as a credible support level with four retest to the upside. It may not lost on market participants that that level still holds some very worthwhile long limit orders or buys orders from large players and position traders.

Looking at the daily chart, for the past three months, there has not been a tentative close above the 1.66 price handle nor has there been a tentative close below 1.61 price handle for one to be able to look for momentum break to either side and retest to gauge possible direction.

A gap down past the 1.63 price handle is clearly seen in todays Asian trading session, therefore, we are looking for limit order sell position as we anticipate another possibility of another third test of the floor structure targeting the first price handle of 1.62 and second price handle of 1.610.

Of course, own traders discretionary and risk management is advised.

{About the Author}

Jasper Njuguna is a financial markets trader. With cumulative 5

years experience trading the markets and out of which, one and a half

years of that as a prop trader, trading large and mid-cap American

equities at one of the DAY TRADE THE WORLD offices.

Prior to switching career interest to trading, he have 9 years of

experience in senior management roles driving small to large business

development and B2B relations in creating and implementing; learning

& development solutions, programs, organizational strategies &

frameworks, and blended learning approaches for companies and

institutions in Africa.

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