Forex Trading Tips – selling opportunities EUR/AUD
Originally updated: 8:00
Trading Bias: SHORT
Currency pair: EUR/AUD
Current Sentiment: Bearish
In today’s trading session we will be focusing on selling opportunities EUR/AUD.
Overnight Australian Retail Sales came out higher than expectations. However that didn’t really spur a market reaction, as the market was mainly waiting for the RBA rate statement. The AUD strengthened against all of it’s major peers after the RBA kept rates on hold. It was expected by analysts despite the market calling for a rate cut. This saw an aggressive relief rally across all AUD pairs.
The RBA also hinted at further easing in the future and more AUD weakness in the period ahead. However the market has so far shrugged these comments off.
We can look for opportunities to short EURAUD over the rest of the session due to the EUR being fundamentally weak whilst having some positive AUD sentiment.
We expect this pair to sell off during today’s session.
There is resistance at 1.4250 which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Be aware of any news that could be positive for this pair. It would change the sentiment to bullish.
Other Market Moving News:
Also on today’s calendar we have UK Services PMI in the European morning. However there’s no tier 1 data points later in the US session, so it could be a quiet afternoon.
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