The Trend of the Day - EUR/AUD

Published July 8th, 2009 - 03:07 GMT

With the majors indecisive and in disarray after the U.S. Independence holiday and a G-8 Finance meeting in Italy, I have to look to the cross rates to find any semblance of a trend. The markets have seemed to declare their independence of risk as well. If EUR/AUD can get above its June 23rd high of 1.7832 it looks like it has legs to reach the 1.8600. It has recently broken its daily down trend line and MACD look bullish as it approaches its zero-horizontal reference line. A break below the yellow line means that this pair could stay in a sideways range for a little longer.




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