Taking a look at EurAud. Both the Eur and especially Aud has been strong as of late. Thus they are not an ideal match for a pair to trade. However, since the Daily chart looked interesting, I will adress some ideas that the chart is producing. First the backdrop,
Monthly TF: Trend is bullish (ichimoku) with a bullish future (projected cloud), but the pair is also trading below SMA200 which is descending. This can be regarded as a retracement within a bearish trend. MACD has just made a bullish X.
Weekly TF: Trend is Neutral (Ichimoku) with a bullish future and the pair is trading below SMA200 which is ascending. This can be regarded as a deep retracement in a bullish trend. MACD just this week made a bearish X.
On this daily timeframe we can see price is trading below the Yearly Pivot point and has failed twice to establish itself above it. For three days price has shot lower with something that looks like a Three Dark Horses candle stick pattern. An impressive move. The projected cloud has turned bearish too. IF price close below the Kumo Cloud next week along with a close below the Monthly S1 at 1.4576 we may see a continuation to the next support level which is 1.4430-65 (The lower Kumo Cloud on Weekly TF and the white equilibrium line. IF price finds support by the Monthly S1/Lower Kumo Cloud, we may see a bounce from here, that can be exploited on lower time frame for scalping. Since both Weekly and Daily MACD crosses are bearish, and the projected cloud has turned bearish too, things may gear up for a break out. But The Eur might also be heading into a strengthening period, perhaps with rate hike expectations starting to build up (or other dovish measures that ECB may introduce). Watch out for ECD rate decision next week.