US stock markets are set to open mixed as the post-Pfizer rally is reassessed, but cyclicals are still clearly outperforming the growth and momentum names that have notched the biggest gains during the pandemic.
EUR/AUD looks down
Information is not investment advice
EUR/AUD rose to 1.6420 yesterday but failed to close there. The 200-period MA on the H4 chart and the 50- and 100-day MAs limit the upside. The pair is currently testing 38.2% Fibonacci retracement of the November-December advance. It looks like we have an interim top. EUR/AUD may slide lower. The next levels to watch are 1.6270 (50% Fibo) and 1.6235 (61.8% Fibo and MAs).
Trade idea for EUR/AUD
SELL 1.6295; TP1 1.6270; TP2 1.6235; SL 1.6310
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19