Currency update: EUR/AUD longs
Morning traders,
Today I wanted to go over one of my most recent trades placed and live in the market right now.
The pair I will go over is EURAUD and the position in the market is long and here is my reason why:
Fundamental reason,
For the fundamental reason I wanted to go over the flash PMI data from the EU zone. which came out hawkish form French and then dovish for the one in Germany. I expected both hawkish but it is what it is.
For the AUD we are in a slowing economy and slowing inflation, which means that the RBA has no reason for a hike or any hawkish comments. The only option right now is a CUT or HOLD but dovish HOLD in my eyes.
Technical reason,
on the technical side this is actually a beauty, we came from a demand zone where we also have a trend-line connecting on the 0.5FIB. for the entry we broke structure to the upside and came back to our volume zone and we took off to the upside.
Today I wanted to go over one of my most recent trades placed and live in the market right now.
The pair I will go over is EURAUD and the position in the market is long and here is my reason why:
Fundamental reason,
For the fundamental reason I wanted to go over the flash PMI data from the EU zone. which came out hawkish form French and then dovish for the one in Germany. I expected both hawkish but it is what it is.
For the AUD we are in a slowing economy and slowing inflation, which means that the RBA has no reason for a hike or any hawkish comments. The only option right now is a CUT or HOLD but dovish HOLD in my eyes.
Technical reason,
on the technical side this is actually a beauty, we came from a demand zone where we also have a trend-line connecting on the 0.5FIB. for the entry we broke structure to the upside and came back to our volume zone and we took off to the upside.
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