EUR/AUD Macro Technical Trade Idea
Morning traders,
Let’s discuss my setup from last week where I’m still in btw.
I took this trade inline with my AUD/JPY position, but now I see the EUR as my weaker currency. This is because the EUROZONE is still in a recession, and won’t likely getting out of it soon.
They are indeed likely to raise rates again higher, but a hawkish rate decision might not provide much upside relief.
EUROZONE economic growth will also be downgraded for 2023 and 2024, which weighs higher for me than a small rate hike.
The technicals are perfectly in line with what we see on the macro-side.
We are trending in a firm downtrend which broke the up-trending line. after the break I got my entry, which got of at a perfect start but is now retracing a bit. will have to wait for further lows to get broken to take some profits off the table.
Thanks for reading.
Let’s discuss my setup from last week where I’m still in btw.
I took this trade inline with my AUD/JPY position, but now I see the EUR as my weaker currency. This is because the EUROZONE is still in a recession, and won’t likely getting out of it soon.
They are indeed likely to raise rates again higher, but a hawkish rate decision might not provide much upside relief.
EUROZONE economic growth will also be downgraded for 2023 and 2024, which weighs higher for me than a small rate hike.
The technicals are perfectly in line with what we see on the macro-side.
We are trending in a firm downtrend which broke the up-trending line. after the break I got my entry, which got of at a perfect start but is now retracing a bit. will have to wait for further lows to get broken to take some profits off the table.
Thanks for reading.
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