Pairs on Watch –
EURAUD : The positioning of this pair is great for the longs to start stepping in, and when breaking down the price action previously we can see how many times price has failed to go short. Now we have had this follow through and deliberate stack forming after price failed again, the longs are looking much more prominent. I will be waiting for slightly more development here on the 15M flag, but this could be ready very soon easily for a reduce risk entry.
XAGUSD : Price has formed a clear 123 structure into a hook point on the left, however initially reacted and failed to sell. I am aware of this failure hence why I am waiting for a clear change in sentiment to the downside first before looking for any sells. Price could also form a 1H continuation which would be the message from the market that the ascending channel has now failed and the buys could be back on to fill the gap at the high.
EURNZD : I am still looking for the shorts on this and allowing the lower timeframe to do its things first. Price could be reaching up to break the high above in the form of a 123 reversal channel, hit the third touch, take out the high, break back in and we can then look for a 15M continuation for the sells in line with the higher timeframe. If all of this fails, we may get a flip form above the high and like XAGUSD we can pivot and look for longs.