EURAUD - Will RBA weaken the Aussie this week?
The Aussie has been rallying strongly since the last RBA Rate Statement, and coupled with the weakness on the US Dollar, the AUDUSD has gained more than 6% in the last 30 days. As often stated in the RBA Rate Statement, rising Aussie will complicate the economic transition. Given the RBA is meeting this week, will they send out a dovish tone to push the Aussie lower?
Should that happen, we will be focusing on EURAUD for a potential long opportunity.
Price has recently bounced strongly after hitting the target at 1.4478, giving us the expectation that we can now expect one more wave (5-wave) up towards 1.5032 - 1.5409 region.
Combining with the potential of a year end tapering from ECB, we are currently holding on to a bullish bias on the EUR.
What would be a better opportunity combining the fundamental forces of EUR and AUD, if RBA were to adopt a dovish tone this week.
*Disclaimer - these are all just my personal observation and perspective of the market. Make sure you do your own due diligence before taking any trades.
Should that happen, we will be focusing on EURAUD for a potential long opportunity.
Price has recently bounced strongly after hitting the target at 1.4478, giving us the expectation that we can now expect one more wave (5-wave) up towards 1.5032 - 1.5409 region.
Combining with the potential of a year end tapering from ECB, we are currently holding on to a bullish bias on the EUR.
What would be a better opportunity combining the fundamental forces of EUR and AUD, if RBA were to adopt a dovish tone this week.
*Disclaimer - these are all just my personal observation and perspective of the market. Make sure you do your own due diligence before taking any trades.