I am looking for a way to trade an AUD rebound. AUDUSD is not that attractive right now because of USD strength and the upcoming Fed (maybe) hike. I like EURAUD short, AUDCAD long. Here is a look at EURAUD.
The bigger picture: monthly chart shows a reversal at the 50% of the decline from the 2008 high. The rally from the 2012 low looks like 5 waves and impulsive but because stalling at the 50% and because it could also be an C=0.618A rally there is an argument to be made it is corrective. Either way at a minimum I expect continued decline to re-test the 0.236 fib (2008 high - 2012 low) which was support in 2015 and 50% of the rally from the Aug 2012 low at 1.4095. 1.4023 is also interesting structural support from August 1997.
Weekly shooting star reversal candle at key levels.
Daily chart shows entry at 50% retrace of the last swing lower (May high to August low), equal ABC correction from the August low and 200 day moving average.
I sold the 1.5030 level will add on a retrace bounce back to 1.4930. Stop 1.5110. Target 1.4030 .