we had large movement outside daily range and Daily pivot for
EUR/AUD, AUD/CHF & AUD/USD and all 3 pairs have strong fundamental bias in favour for AUD.
****updated March 3rd****
EUR/AUD got filled
short @ 1.39
sl @ 1.40
P @ 1.38
- AUD had a disappointed Trade balance today with import rose 3% while Export falling 4%, particular the iron ore. As mentioned, AUD has been performing very well since 2017 with resilient economic strength and booming commodity price plus Chinese economic growth. After the release in Asian session, we now have large selling into AUD in many pairs and notably few are over daily range now. AUD/USD, EUR/USD, GBP/AUD, AHD/CHF, AUD/CAD & AUD/NZD. Fundamental bias is very clear in EUR/AUD, GBP/AUD, AUD/CHF & AUD/CAD. We will much prefer AUD/CHF as the fundamental weakness in CHF is the largest, and the risk sentiment is also polarizing in both. EUR/AUD is also a good choice as EUR is currently a fundamental & sentimental weak currencies. GBP/AUD will also be good due to the weak sentiment in British Pound now. We can use OCO to do 3 pairs but let’s wait for the 1st green hourly and 3 more hourly before we do anything.
- The catalyst was the negative Trade Balance in AUD particularly dropped in Iron Ore export. We’re watching AUD/CHF, EUR/AUD & GBP/AUD now. right now all pairs are on average daily range and we want to see at least 1.5 of that daily range outside Daily pivot levels.
we had large movement outside daily range and Daily pivot for
EUR/AUD, AUD/CHF & AUD/USD and all 3 pairs have strong fundamental bias in favour for AUD.
****updated March 3rd****
EUR/AUD got filled
short @ 1.39
sl @ 1.40
P @ 1.38