EURAUD: Look Out For a Breakout Higher (Buy)

EURAUD: has pushed all the way to the top of the declining channel at 1.495, potentially breaking out of the channel and pushing higher. The move in price is can be contributed by Australia’s poor export data. The AUD fell as June’s trade balance data crossed the wires, in which the markets were looking for a surplus of A$1800 million. However, the release of the trade balance showed a far smaller surplus of $856m as exports fell 1 percent. In addition, Australia’s largest trading partner China continues to slow down in economic growth. Therefore, could push AUD exports even lower. Not to mention the confidence in the EUR is steady increasing. Therefore, could push AUD exports even lower.

Strategy:

Plan A: Buy when price goes beyond 1.500, Target price beyond 1.520, Stop loss at 1.490

Daily Chart

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