Here is my view on EURAUD - I have marked on areas that I will be keeping an eye on. As you are all aware, the markets are crazy at the minute but I hope this helps you out.
Under normal circumstances I’d say you would be right with your analysis. However when the markets are in such a panic technicals go right out the window.
looks to not like going past 1.82. I know technicals are out the window at the moment, but ill be looking for the big short once there is sight of the AUD economy coming back alive, in which it will do. Most likely before the west
Heading down the 1.77 at the moment and from there 1.75 is on the cards but as many have mentioned, the technicals and rational thinking have long left the party. Keeping my powder dry for the moment. As a relative noob these are times to admit you’d be out your depth.
The last time we saw price pass 1.82, was October 2008, the date of the last global financial crisis. It held above that level for a few months an then declined.
Fridays candle is showing signs of exhaustion for the bulls for now.
Short the good economy news and go long for bad news.