We are at a pivotable point for EURAUD. Price has retraced back to its origin as expected but we do not yet have a confirmation of whether price will bounce and go north or back into the consolidation range.
With the AUD Cash rate easing expectation in week 1 November, I am expecting these two possiblities with 400+ pip opportunity in either direction:
1. AUD Cash rate lowered: Expecting price to rally if rate actually is decreased. End of consolidation zone and target to 1.7100 area
2. AUD Cash rate stays the same: Price will weaken back into the consolidation zone with targets @ 1.6530 & 1.6270
I personally would not enter until we have a good indication after AUD news release. Either way we will net a good amount of pips.
Good luck and let me know if there are any questions.
Charles V
CVFX Management
With the AUD Cash rate easing expectation in week 1 November, I am expecting these two possiblities with 400+ pip opportunity in either direction:
1. AUD Cash rate lowered: Expecting price to rally if rate actually is decreased. End of consolidation zone and target to 1.7100 area
2. AUD Cash rate stays the same: Price will weaken back into the consolidation zone with targets @ 1.6530 & 1.6270
I personally would not enter until we have a good indication after AUD news release. Either way we will net a good amount of pips.
Good luck and let me know if there are any questions.
Charles V
CVFX Management
Note
AUD Rate in 10 hours, wait for release then trade up or down a few hundred pips. Will update idea after.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.