Morning Insights 26th October

Simon Alagbe

Analyst


EURAUD

The Aussie continues its strong bullish move against the major currencies as the dominant risk-on mood in the market boosted the currency. The recent spike in prices of the commodity has been a major boost to the Australian economy, which earns a high proportion from sales of commodities. Market participants continue to wait on the Monetary Policy Statement of the European Central Bank later this week for insight into the direction of the Euro.



Technicals

The instrument is trading below the 21 EMA on the hourly time and re-approaching the Moving Average, where a rejection to the downside is expected with a target at 1.54373 and 1.54176 in extension with stop loss at 1.55063



Fundamentals

No major economic data with a bearing on the pair

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