DislikedWe hit the low end of the range today and briefly broke through. I'm in at 1.6450, but there is risk to the downside if this pair stays around 1.65 through Tuesday so keeping S/L at 1.6300. AUD interest rate statement on Wednesday could spike this down around 100 pips if there is a rate hike. If they keep the rate unchanged, we're probably looking at a small spike.
Also of note, if it holds below this Fib support, the 50% Fib line is at 1.6325 which is the next support level.Ignored
The 1.6325 was a pivot through Monday and since we're still above it after confirmation of the AUD rate hike, I feel more confident in the direction being up for this pair in the short-mid term.
Both EUR/AUD and AUD/JPY overshot where I thought they would go, but seems that's because the FX market didn't react to equities today. I don't think carries can withstand another down day in equities tomorrow and the upside in AUD seems exhausted.