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EURAUD Long for 1.3000 test

Long
FX:EURAUD   Euro / Australian Dollar
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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

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