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EUR/AUD Reverses Back to the Downside

EUR/AUD Reverses Back to the Downside

Thomas Long, Course Instructor

Last week we found out that the European Central Bank was not in a hurry to raise interest rates while the Reserve Bank of Australia might be inclined to raise interest rates. These two events were somewhat of a change from what traders had been thinking and the result is a resumption of the EUR/AUD downtrend. Interest rates may be the biggest influencing factor in the value of a currency. Higher interest rates usually lead to a higher currency value while lower interest rates usually lead to a lower currency value. I would look for selling opportunities on the EUR/AUD as long as the pair remains below the 1.38774 high noted on the chart.

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