Can EURO be a possible buy against AUD?

2023年8月6日

EURAUD can be a possible buy after we see a pullback till it's nearest market support.

EURAUD has recently broke a significant resistance zone and have a quiet good rally now if you see a pullback coming in to it's previous resistance which is now a suppor, we can look for possible buy setups and that zone is also in the fib retracement of 50%

Sentimentally EUR is heavy bought by institutions and AUD is heavily short by them .On the other hand EUR/AUD is heavily short by retail traders who are usually tends to loose money.

On the fundamental side euro is more attractive for investors rather than AUD because of higher interest rates offered by Euro and month of August is also historically bullish for Euro

All these factors compiled together shows that EUR/AUD can be a bullish trade after a pullback

Disclaimer: This is not financial advice, this is my opinion, a trader must do their analysis before placing a Trade and should acknowledge the risk involved.