AUD,NZD/EUR crosses/FXWW News/Technical Analysis/Trade Ideas

EUR/AUD: Next major technical target at 1.50

Remember the beautiful basing formation on the weekly chart (see chart)! Well most of the oversold characteristics have been unwound and we will return very soon to longer-term neutral levels. Proof once again that the FX market is one great big range trade!

Next technical resistance target is a weekly high near 1.5000 and any dips now back towards 1.4400 should be well supported.

  1. If ECB cuts rates this week, EURAUD will turn around. But technically, the pair has left behind the magic 1.44 level.

    GBPAUD could be another story. I sold it yesterday at 1690 (shooting star) but got out prematurely just in case AUD took another dive.

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