Instrument: EURAUD
Bullish Preference:
A buy position is envisaged if the price trades above 1.63481 with take profit at 1.63706.
Bearish Preference:
A sell position is envisaged if the price trades below1.62993 with take profit at 1.62743.
Fundamentals:
5:30AM AUD RBA Rate Statement Cash Rate
Comment:
The euro may have recouped some of its recent losses against some of its peers, but it would be premature to read the rebound as the start of a new leg higher for the single currency. EUR/AUD is approaching a fairly strong floor on the 200-day moving average, coinciding with the mid-May low of 1.5850. The cross looks oversold, raising the prospect of a minor rebound. Any break above last week’s high of 1.6000 could pave the way toward the mid-May low of 1.6130.
Analysis: SCRUM Team