Morning Insights 13th October

Simon Alagbe


EUR/AUD: Tips to Trade the Euro/Australian Dollar Forex Pair successfully

Instrument: EURAUD

The pair continued its recent bearish move in the early session yesterday, trading to a low at 1.56376 before a sharp rejection around the support zone. The Aussie has been a major beneficiary of the surge in commodity prices as the Country's earnings depend on the export of major commodities.


I expect the pair to retrace to the 23.6% retracement level of the major move to the downside around the 1.57446 price level before continuing the bearish move with a target at 1.56376 and stop-loss at 1.57860. 


No major economic data with a bearing on the pair

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