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One the more interesting developments this week has been the relative strength of the euro against the commodity currencies. And within that complex the EUR/AUD move appears to be the strongest of all.
The Aussie initially received a boost from the neutral RBA statement last night that indicated the central bank has no near term plans to ease, but the reversal of the move suggests that the Aussie rally may be exhausted. In the meantime the euro remains well bid as 1.1200-1.1300 corridor looks to be solid support.
With no major event risk on either the European or the Australian calendar there is little to drive trade in the pair except technical considerations. As long as commodity price continue to drift lower the uptrend in the pair should continue and for now it is a buy on dips trade with 1.5000 as the first level of support.