EURAUD Long for 1.3000 test

FX:EURAUD   Euro / Australian Dollar
EUR/USD has broken topside while AUD/USD is underperforming ahead of its RBA meeting today. Expect rate cute to further stall the AUD/USD rally. EUR/USD is getting support from sovereign reserve managers and a large drop in Spanish and Greece Yields. The Eurozone collapse tail risk is pretty much gone leaving the Euro with plenty of upside especially if China soft lands and Japan/US expand QE . While these also support the AUD/USD the room to move for the topside is more limited without news such as Spain requesting official bailout which should help the EUR/USD more. Alternative any risk aversion should see the AUD/USD slump from these levels quite sharply.

Entry 1.2500 Stop 1.2170 Take Profit 1.2960


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.