We had a great trade on EURAUD recently and could be set for another move lower. AUD Non-commercial long contracts gained by 11% this week showing the big money traders are looking for the potential AUD to gain in value.
EUR still looks to be suffering from Italy problems and concerns of Brexit still weigh heavy here.
Technically the market on the Weekly timeframe has broken and close through a trendline support as well as double topping at key resistance on the daily chart. This shows the market could turn significantly bearish with key support sitting at 1.5580. The 4hr downtrend is in play with the market creating lower lows and lower highs. The 4hr chart has just closed below the CTL and could see the market push lower here.
EUR still looks to be suffering from Italy problems and concerns of Brexit still weigh heavy here.
Technically the market on the Weekly timeframe has broken and close through a trendline support as well as double topping at key resistance on the daily chart. This shows the market could turn significantly bearish with key support sitting at 1.5580. The 4hr downtrend is in play with the market creating lower lows and lower highs. The 4hr chart has just closed below the CTL and could see the market push lower here.