Trade idea - SHORT EURAUD

Various oscillators and indicators (see chart) are showing EURAUD (daily) at an overbought position.

Looking at the chart we can notice that there is a potential for a repetition of what happened back in late 2015 when EURAUD was trading at 1.65 and moved down to around 1.37 by the start of 2017.

In this case, the resistance level (1.65) is close and hence an idea is to go short.

The ideal scenario is to wait for the trend to start forming up and go short from the level of around 1.63.

What do you think?

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