Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.
FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365)
Sign up now to get the information you need!
Receive the best-curated content by our editors for the week ahead.