EUR/JPY: on the way up
EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
AUD/USD rose after the RBA meeting
Information is not investment advice
As the market had expected, the Reserve Bank of Australia cut its interest rate from 0.75% to 0.5%. The Australian dollar rallied versus its US counterpart on the news as the decision had been priced in. In addition, the RBA didn’t signal further rate cuts.
On the D1, AUD/USD formed an inside bar on Monday. As long as the pair is staying above the support at 0.6505, it has a chance to rise above 0.6575 (23.6% Fibonacci retracement of the 2020 decline). The targets are at 0.6620 (downtrend resistance line) and 0.6660 (major support of 2019 and now resistance, 38.2% Fibo).
The decline below 0.6500 will reopen the way down to 0.6450.
Trade idea for AUD/USD
BUY 0.6580; TP 0.6620; SL 0.6560
Elizabeth Belugina
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EUR/JPY: on the way up
EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
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