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The Trend of the Day - EUR/AUD

The Trend of the Day - EUR/AUD

Gregory McLeod, Currency Analyst

 


One of the reasons that traders come from other markets to trade the FOREX market is that currencies trend well. These trends can last months or even years. The EUR/AUD downtrend would be included in this category of long trending currencies. This pair has been in virtually a “free-fall” state from its October 2008 high of 2.1149 to its 52-week low of 1.6255. This a whopping 4,894 pips. This downtrend does not appear to be ending anytime soon especially as the Reserve Bank of Australia (RBA) has raised their benchmark interest rate to 3.25% to be the first major industrialized nation to do so. Since interest rate differentials are a key driver of currency pair price action, expect EUR/AUD and her other Aussie cousins to be bid in the coming weeks. Entering short on 2 pip break below 1.6250 or waiting for a retrace up to the 1.6750 area would be to possible scenarios where a trader could get involved



Gregs EURAUD Trend of the Day 10.9.09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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