EURAUD Looking Up

by Ashraf Laidi

Apr 27, 2009 10:33

While both the Aussie and euro have shown to come under pressure against USD and JPY during risk aversion, it is the Aussie that underperforms relative to the euro during these times of falling risk appetite. Daily technicals show continued stabilization in the oscillators, while the weekly chart shows a more clearly bullish formation. Note that FX markets have grown more risk averse than their equity counterparts (as seen in the short-lived gains in risk currencies such as GBP, EUR and CAD). As equities start to exhibit further pullbacks, expect EURAUD to extend gains towards 1.8440 and 1.8550. Support seen standing a. 1.8185, backed by 1.80.

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