EUR/AUD Set For More Losses

The Euro Australian Dollar (EUR/AUD) exchange rate has slumped this week with the pair last seen trading around the 1.62 mark after some upbeat data from China and Australia on Wednesday and some stronger than expected Retail Sales (MoM) data for May which came in at 01:30 AM today.

We sold the EURAUD at 1.6208 with SL at 1.6310 and TP at 1.6085. The market is below technical resistance and shows a clear downtrend which is set to continue. Should the major support on the daily chart be broken we could see a quick move lower towards the next weekly support level.

Frank Walbaum

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