EURAUD Probabilities For Rebound?
Updated
This is not a guarantee investment advice but seeing the potential risk to reward for upside and knowing the ECB head Lagarde due to give a speech in some minute I thought this pair will have some good volatility. Knowing that during the Asian session the latest updates on retail sales and trade balance for Australia were worst then forecast and previous but the pair continues its downtrend which was fishy and wasn't actually mean to be technically and fundamentally (kinda like things were already priced in). This time we can see a possible rebound from fib 61.80% and knowing if ECB head Lagarde has something good to say which may help boost the euro upward and if coronavirus weighs over higher-yielding currency like Aussie again will be plus point for bull traders in this pair.
Note
ECB's Lagarde: Low rates, low inflation has significantly reduced scope to ease policyNote
Rebound from fib 61.80% as expectedNote
- AUD downside gathers steam as RBA cut GDP forecasts. - The central bank expects the jobless rate to remain at 5.1% till December 2020.
- Policy to remain accommodative for some time and more easing may be required if the jobless rate rises, the SoMP said.
Trade closed: target reached
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