Risk to Reward from this Level falls just above 5:1 - with stops below the neckline.
The 1H is setting up as a , but has not closed as of yet.
The RBA statement was less hawkish than it previously was, but for the most part quite neutral with no clear guidance on future adjustments
There is currently a potential in the EURAUD , though a clear break of the Neckline is yet to be seen.
There is also a pattern in the S&P500 . The Neckline is broken, and equities are certainly bouncing in general. The AUD has shown strong positive correlation with equities as of late, the opposite of what we saw earlier this year, which was a move of Risk Aversion.
The Dollar Index is facing some major resistance as well, USD weakness can attribute to this trade. As mentioned in a previous EURUSD trade idea, It is unlikely the USD will break to new highs without a clear indication of when the next rate hike will occur. The FED failed to give a heads up as to this information in it's meeting last week.