Btw Syd the EA ended up exhausting its run up (inevitable just a question of when) and eventually produced a good sell setup (I wasn't on it, but see chart below). A shooting star of fakeout would have been good sell setups, but this retest is imo more reliable because it requires as the name suggests a failed attempt to retest the high (or low) but resulting in the confirmation of a lower high by the break of the low of the retest bar:
Bear in mind of course this market is still in a very strong trend up on higher timeframes, so odds are this may be just a pullback to a higher timeframe 10 or 30 EMA.
I think its worth noting from an FA point of view (within my limited capacity to have one) that the same fundamental drivers you talked about (reversal or unwinding of carry trade) for the AU should also to some degree impact the EA - the Euro zone is not lifting rates any time soon like the US but the softening of expectations for the AUD in absolute terms will also have some relativity to the EUR, so no wonder the EA is heading up so strongly and this may well not be the end of it.
