I guess if the EUR/USD is susceptible to a short-squeeze and the AUD/USD is capped by option sellers, then we should consider a contrarian EUR/AUD trade 🙂

euraud1d

A 5-wave down-move has completed from 1.5540 to 1.4350 and a 38.2% retracement of that move would take us back toward 1.4800. Good risk reward potential for the contrarian bulls here especially if we get some type of intraday dip after the RBA minutes.