Are you a Forex carry trader?Don't look now but the EURAUD has completed two out of three components of a head and shoulders pattern on the hourlies.You might want to be on the lookout for this over the next several hours. If it activates it could spell a nice downward move for this carry pair.

I've spent the better part of a year focusing my attention on the AUD/JPY. I think it's time to start looking into other pairs...Last week I started trading (shorting) the EURAUD.The EURAUD is another pair suitable for the carry trade. [For you beginners, some currency pairs earn interest while you hold them. Those that do allow you to participate in the so-called carry trade. See my recent