News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇯🇵 Capital Spending YoY (Q4) due at 23:50 GMT (15min) Previous: -10.6% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇯🇵 Unemployment Rate (JAN) Actual: 2.9% Expected: 3% Previous: 2.9% https://www.dailyfx.com/economic-calendar#2021-03-01
  • The US Dollar is trying to break higher versus ASEAN currencies. The Singapore Dollar, Philippine Peso, Thai Baht and Indonesian Rupiah are under pressure. Will follow-through last? Find out from @ddubrovskyFX here:https://t.co/JOWG9q01q0 https://t.co/onzZoGNQf6
  • Heads Up:🇯🇵 Unemployment Rate (JAN) due at 23:30 GMT (15min) Expected: 3% Previous: 2.9% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Retail CFD traders (via IG) have flipped net long on the $SPX for the first time since the Pandemic low almost a year ago: https://t.co/yWRLZk5mym
  • ...also for those without kids or are not inherently young at heart, March 2nd is Dr. Seuss's birthday.
  • The price of gold struggles to retain the rebound from the start of the week as longer-dated US Treasury yields hold above pre-pandemic levels. Get your $XAUSD market update from @DavidJSong here:https://t.co/zE7NafvfTq https://t.co/4BxMT0iyi1
  • Uh oh. Another financial product/meme pivot. I think Elon is just a BTD kind of guy who is in tune with the social trading trends and wants to bring the retail crowd along with him. Would fit the essence of Tesla and Space X https://t.co/EP9zj1rXzU
  • Canadian #Dollar Forecast: $USDCAD Bears Fail at Support- March Levels - https://t.co/XkyFns8odx https://t.co/8Q4Tu0viz0
  • I feel the LaserEyes trend is a more effective social spread because of the visual impact. Kind of disappointed the community hasn't gotten a more tangible visual cue for BTD / BTFD. Or maybe there is one and I'm just behind the trend....which happens a lot recently
EUR/AUD Approaching Decision Zone Ahead of Aussie GDP, ECB

EUR/AUD Approaching Decision Zone Ahead of Aussie GDP, ECB

Michael Boutros, Strategist

Talking Points

  • EUR/AUD eyeing near-term support ahead of Aussie GDP, ECB
  • Updated targets & invalidation levels
  • Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

EUR/AUD Daily

EUR/AUD Daily Chart

Technical Outlook: We’ve been tracking EURAUD for some time now and IF yesterday’s reversal through the upper median-line parallel (blue) is in face a near-term breakout, this immediate pullback should hold above the 2016 low-day close at 1.4303. Interim resistance stands at 1.4478 with critical resistance / bearish invalidation eyed at 1.4550/73- this region is defined by the 100-day moving average, the 61.8% retracement of the November range and former trendline support extending off the 2015 December low. Note this is also an area of interest for near-term exhaustion / short-entries

EUR/AUD 240min

EUR/AUD 240min Chart

Notes: From a trading standpoint, I’ll be looking to fade weakness while above the 1.43-handle with a breach of the highs targeting the previously noted key resistance zone at 1.4550/73. Look for a reaction there with the broader focus weighted to the downside while below this region. A break below the figure still has to contend with confluence support into 1.4163/83 where a pair of trendlines converge on the October / November swing lows.

Note that the pair marked clear bearish divergence into the weekly highs and highlights the immediate risk for a deeper push towards confluence structural support before rebounding. A quarter of the daily average true range (ATR) yields profit targets of 42-46pips per scalp. Keep in mind we have Australia GDP tonight followed by the European Central Bank (ECB) rate decision on Thursday. That said, event risk over the next 48 hours should be considered and may fuel additional intraday volatility on the Aussie & Euro crosses.

Relevant Data Releases

EUR/AUD Approaching Decision Zone Ahead of Aussie GDP, ECB

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s 2016 4Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES