EUR/AUD Signal - Feb. 5, 2013

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By: DailyForex.com

Currency: EUR/AUD
Trend Expected Direction: Up
Method: Ichimoku, Technical Analysis
Description: The EUR/AUD pair has managed to climb above the Ichimoku Cloud on the weekly chart indicating that the bulls are firmly in control. Pattern on the 4-hour chart suggests the recent retracement is over and the pair is ready to resume its up trend.
Recommendation: Long
Target Area: 1.3150
Stop-Loss: 1.2900

Final Update as of February 7, 2013: ***I am closing the remaining ½ at 1.3139.

Signal Update as of February 6, 2013: **Please close ½ at 1.3109 (we are going to wait 1.3150 for the rest) and move stop-loss to the 1.3040 level in order to protect the pips we have.

EUR/AUD Signal - February 5, 2013

Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.