• The EUR/AUD gained some ground on Monday as investors awaited a busy week of central bank decisions and delayed U.S. economic data.
• This week, the Bank of Japan is expected to hike rates by 25 bps to 0.75%, while the Bank of England may cut rates by the same amount to 3.75%.
• The European Central Bank, Sweden’s Riksbank, and Norway’s Norges Bank are all expected to keep rates on hold.
• A slew of U.S. economic data delayed by the government shutdown will also be released, providing investors with a long-awaited update on the world’s largest economy.
• Immediate resistance is located at 1.7700(SMA 20), any close above will push the pair towards 1.7767(50%fib).
• Support is seen at 1.7475(38.2%fib) and break below could take the pair towards 1.7418(Lower BB).
Recommendation: Good to buy around 1.7680 with stop loss of 1.7600 and target price of 1.7760
