This EURAUD scenario is one for the braves so the actual exposure into this trade should be more conservative than other trades. The reason for this is that we’re actually hunting a pretty rare but powerful structure, namely a flat pattern that will have a double failure.
Having said that, it means we need an impulsive move lower for wave c in purple to start from around the current levels and to go all the way below the 1.5200.
What it means for the troubled commodity market? Probably a higher AUDUSD and the USDCAD…
Top trade idea for January 14th, 2016 – EURAUD
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