EUR/AUD hits 2-month highs at 1.5273, momentum bullish
Earlier today RBA surprised markets with rate cut which caused a knee-jerk slump in the Aussie across the board.
The statement lacked an explicit easing bias but the market will watch for clues in this regard when the Bank delivers the SoMP on Friday.
The pair has broken strong trendline resistance at 1.4835 on last Wednesday's trade.
EUR/AUD extends upside, hit 2-month highs at 1.5273, and has since pared some gains to currently trade at 1.5240 levels.
Momentum studies are bullish, we see scope for further upside, pair on track to test cloud top resistance at 1.5359. Break above will find next resistance at 1.5440 levels.
Good to buy dips around 1.52/1.5220, SL: 1.51, TP: 1.5270/1.53/1.5360
The statement lacked an explicit easing bias but the market will watch for clues in this regard when the Bank delivers the SoMP on Friday.
The pair has broken strong trendline resistance at 1.4835 on last Wednesday's trade.
EUR/AUD extends upside, hit 2-month highs at 1.5273, and has since pared some gains to currently trade at 1.5240 levels.
Momentum studies are bullish, we see scope for further upside, pair on track to test cloud top resistance at 1.5359. Break above will find next resistance at 1.5440 levels.
Good to buy dips around 1.52/1.5220, SL: 1.51, TP: 1.5270/1.53/1.5360
Trade active:
Targets 1&2 achieved. Book partial profits.
Trade closed: target reached