EURAUD - LONG - 4TH WAVE + RBA SLASHES INTEREST RATES TO 0.5%
Technical Strategy: I am aiming to catch the 5th wave from a nice pullback to the new support level.
Macro Insight: The RBA was quick to set another 25 basis point rate cut which lowered their key policy rate to a new record low of 0.50% to counter coronavirus hit. Although, a Safe Haven currency could have been my best bet to trade however I am very positive considering UK-EU have started their negotiation process since 2nd March.
I am looking to buy around the 1.67 which is a 38.2% pullback of Wave 3 and a significant support area that has recently been broken.
Macro Insight: The RBA was quick to set another 25 basis point rate cut which lowered their key policy rate to a new record low of 0.50% to counter coronavirus hit. Although, a Safe Haven currency could have been my best bet to trade however I am very positive considering UK-EU have started their negotiation process since 2nd March.
I am looking to buy around the 1.67 which is a 38.2% pullback of Wave 3 and a significant support area that has recently been broken.