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EUR/AUD Technical Outlook

EUR/AUD Technical Outlook

⭐️Key Takeaways⭐️

✔️ EUR/AUD approaches support on 4 hr
✔️ RSI tagging 30
✔️ Risk-on sentiment has allowed the commodity trading currencies to continue to outperform
✔️ Technology stocks power S&P 500 , Nasdaq to new highs. Price recorded at 3472 at time of writing

⭐️Market Sentiment⭐️

The S&P 500 along with Nasdaq hit record highs today as investors bought into tech shares following the upbeat quarterly results from Salesforce and HP (NYSE:HPQ) Enterprise. The risk-on sentiment has also bolstered commodity trading currencies such as the CAD, NZD and Aussie. With respect to the EUR, the euro area is still recovering at a much faster pace than what investor's previously expected. Second quarter German GDP beat analysts expectations.

⭐️Technical Analysis⭐️

When analyzing this pair alone, it appears we might test the 1.6350 area for near-term support. A bounce off this level could push the pair back up towards the 1.64 handle.

However when analyzing the much larger time-frames such as the daily, it appears this near-term potential level of support might not hold which could put all eyes on the next daily support level around 1.62

Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.

from Trading Ideas
via gqrds

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