Chapter 41 Is EURAUD Continuing down?
06/06/2023
Summary
Australian interest rate decisions lead the market
Fundamental analysis
Fundamentally in this pair, We see the data released today in Australia's interest rate decision has increased to 4.1% From 3.85% means adding on 0.25% Which gives strength to the Australian dollar on the other hand we have negative news construction PMI in the Europe zone
Australia's Overnight Lending Rate
Prev.: 3.85%
Act.: 4.1%
Eurozone IHS Markit Construction PMI
Prev.: 45.2
Act.: 44.6
Technical analysis
In this 4-hour diagram chart, the market price now is 1.60212, we expect the market to push the price up to the previous supply zone at 1.62210 and from that point, the market will push the price down to the oldest demand zone at 1.60000 with the 20-moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.62424
Target Price: 1.60000
Stop Loss: 1.63691
