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EUR/AUD Range Contracts As Breakout Looms
Technical Sentiment: Neutral Key Takeaways •Steady flows in AUD were noticed throughout the day as the greenback took another beating on weaker than expected data; •EUR/AUD shows a descending triangle pattern which usually ends with price breaking below support; Aussie advanced further against a basket of currencies on Tuesday, but EUR/AUD held above support at 1.4358 as daily ranges contract ahead of a possibly large breakout move. Technical Analysis In our last analysis on EUR/AUD, technical signals were heavily skewed in favor of sellers, pointing to a break below 1.4256. This event, however, never took place, ... (full story)
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