chart of the day

The strongest trend still appears to be the EUR/AUD downtrend. The daily chart continues to show lower highs and lower lows.

This could be an interesting week though, as not only is there a US FOMC meeting to discuss interest rates, but Fed Chairman Ben Bernanke's term ends this week and there will be plenty of political haggling on his reappointment to another term. That may not bode well for the USD and there is talk of a move to the EUR until the dust settles this week. However, that could just mean another good selling opportunity on the EUR/AUD if and when these two events come to a close. In the meantime, as long as the market remains below the January 12th sell side high of 1.5792, we should remain bearish and continue to look for selling opportunities.

DailyFX provides forex news on the economic reports and political events that influence the currency market.
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