FxWirePro: EUR/AUD breaks trendline support at 1.4505, bias lower
EUR/AUD extends slump, breaks strong trendline support at 1.4505, bias remains lower. ECB policy meet due later today is the major risk event for the pair. Policy is likely to be kept unchanged. Focus shall be on the sta…
EUR/AUD extends slump, breaks strong trendline support at 1.4505, bias remains lower.
ECB policy meet due later today is the major risk event for the pair. Policy is likely to be kept unchanged.
Focus shall be on the statement and the comments in President Draghi’s accompanying press conference.
On the other side, upbeat sentiment around the Asian equities to support the higher-yielding currency AUD. Higher US equities provided fresh impetus to the region’s indices.
Pair finds strong support at 1.4466 (Mar 10th lows). While resistance is located at 1.4537 (5-DMA).
Momentum studies are bearish. 1.4348 (Dec 3rd lows) will be next bear target.
Recommendation: Sell rallies around 1.4475/80, SL: 1.4520, TP: 1.4415/1.4348
