Hello Traders, taking a technical outlook on the EurAud.
I initially had a bullish outlook on the pair but am now seeing a structural market shift in the prevailing trend.
Noting that the market has broken below the holding bear channel. We can see some strong push by the sellers.
Looking at the pairs in two ways:
1. We wait to see if price eases and give a bullish correction to retest the broken trendline. A retest of this zone might give an opportunity to retest 1.65885
2. Wait for break of the low around 1.64400. This has been a strong support zone that has held the market for some time.
3. For both cases am interested in seeing if the bears have enough steam to test the 7/01/24 low around 1.62820
Key Notes:
RBA held their interest rates at 4.35% largely as anticipated by the markets.
Members of the RBA highlighted their resolution to work towards returning inflation within their target.
Markets are anticipating seeing atleast 2 rate cutes later on in the year.
I initially had a bullish outlook on the pair but am now seeing a structural market shift in the prevailing trend.
Noting that the market has broken below the holding bear channel. We can see some strong push by the sellers.
Looking at the pairs in two ways:
1. We wait to see if price eases and give a bullish correction to retest the broken trendline. A retest of this zone might give an opportunity to retest 1.65885
2. Wait for break of the low around 1.64400. This has been a strong support zone that has held the market for some time.
3. For both cases am interested in seeing if the bears have enough steam to test the 7/01/24 low around 1.62820
Key Notes:
RBA held their interest rates at 4.35% largely as anticipated by the markets.
Members of the RBA highlighted their resolution to work towards returning inflation within their target.
Markets are anticipating seeing atleast 2 rate cutes later on in the year.
