Originally Updated: 07:00
Trading period: SHORT
Currency pair: EUR/AUD
Take profit: 1.4060Trading Outlook – EUR/AUD
Market Focus: In today’s trade set up we will be focussing on selling opportunities on the EUR/AUD.
Fundamentals: The AUD gained earlier today as CPI data rose beating analysts forecasts. This is likely going to lead investors to cut bets on the RBA cutting rates next week. With the EU launching their QE program last week we will look to take advantage of any weakness in the EUR/AUD.
From the US we have the anticipated FOMC statement later today which will be closely watched to see if the Fed’s tone will have changed regarding inflation and the possible raising of rates in the near term.
Technicals: I am looking for selling opportunities on any decent rallies today, with a decent resistance area eyed out at 1.4257 and 1.4320. The higher level being preferred to the smaller stop loss.
Stop loss could be placed at 1.4380
Target area: 1.4060
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Source:: Trading Outlook – EUR/AUD