- Australian Q1 GDP largely reliant on domestic demand
- Building approvals only just off their all-time high
- Australian retail sales gulping down along steadily
- Unchanged rate decision almost a certainty - the strength of bias is the question
Technical Watch:
On weekly charts of EUR/AUD it is spotted out that RSI showing divergence to the price line which means the pair can have reversal trend.
In addition that the pair is trending near upper channel line at around 1.4318 levels, any breach above this level can test a crucial resistance at 1.45 levels.
Else we could clearly foresee shorting opportunities on every upswing with 1st target at 1.4054, 2nd target at 1.3858 levels.
RSI (14) = 47.5785
Stochastic = %K line = 94.9750; %D line = 85.4844.
Bollinger bands = upper - 1.4695; lower - 1.3668.
Use near month futures, play with house money even if you think substantial profits on the rallies.
