$EURAUD: Aussie bottomed, Euro overbought...
We have a great setup in the $EURAUD pair here, I am fine standing behind a position like this: on one hand we got the chance that the Dollar peaked, and specially the Aussie dollar primed to do well due to FDI and exports mix favoring it over a net commodity importer currency with weak fundamentals and geopolitical risk, paired with the China reopening and bottom in Copper and Iron Ore, this is a great play all things considered and adds some valuable Alpha to a portfolio here.
Technical setup shows a daily T@M signal indicating a reversal of the existing daily trend, which happens while Monthly is overbought and hitting resistance, and as the Dollar Index hit the 200 day SMA, which makes me think it might catch a bid. If so, funding currencies are likely a fade, specially vs $AUD or $NZD, as a risk on bet (bet is bond yields peaked as well).
Best of luck!
Ivan Labrie.
Technical setup shows a daily T@M signal indicating a reversal of the existing daily trend, which happens while Monthly is overbought and hitting resistance, and as the Dollar Index hit the 200 day SMA, which makes me think it might catch a bid. If so, funding currencies are likely a fade, specially vs $AUD or $NZD, as a risk on bet (bet is bond yields peaked as well).
Best of luck!
Ivan Labrie.
Trade wurde manuell geschlossen:
Looks like this one will fail:
