EURAUD long

Technical long position taken at the end of the week on EURAUD. Price held my resistance turned support following some deviation. We still have monetary policy divergence with RBA on pause hiking rates whereas ECB remain firmly hawkish with recent data showing some resilience. The significant resistance around 1.6400 could be broken to the upside.

Near-term risk-on in markets could see AUD regain some strength and could provide a headwind to this trade.