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
EUR/USD
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/O2i6DZLkIB
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.02% Oil - US Crude: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8fnXlqvZEz
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.07% 🇨🇭CHF: 0.05% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.06% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T8ma15KmYS
  • RT @DanielGMoss: #JacindaArdern’s balancing act with China may fuel further gains for the trade-sensitive $NZD $AUDNZD Head and Shoulders…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.85%, while traders in US 500 are at opposite extremes with 73.24%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tUOYKl0cyo
  • Okay so what's China CPI today? Its changed like 3 times on Bloomberg
  • Since the stock market bottomed back in March, the S&P 500 has gone on to climb over 40%. Get your S&P500 market update from @FxWestwater here: https://t.co/Ff7iHAUObN https://t.co/bLO6xva4Fw
  • 🇦🇺 Investment Lending for Homes (MAY) Actual: -15.6% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇦🇺 Home Loans MoM (MAY) Actual: -10.2% Previous: -5.0% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇨🇳 Inflation Rate MoM (JUN) Actual: -0.1% Expected: 0% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2020-07-09
EUR/AUD Approaching Decision Zone Ahead of Aussie GDP, ECB

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

2016-12-06 19:43:00
Michael Boutros, Strategist
Share:

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

News & Analysis at your fingertips.