SELL EURAUD into NZD Rate Decision
Updated
Overall, I think we're seeing a strong move in metals, but waiting for NZD/AUD to follow. Also, the USDOLLAR is selling off strongly confirming this. From a technical standpoint we're at a major trendline, a major resistance area of 1.42 and also we have a few small harmonic patterns that have completed or are completing pointing to down movement. Finally, the retail crowd is heavy long the AUD. I am short at 1.407 stop loss at 1.41250. Targets 1.388 then down to the 1.37 area and possibly further. At least offers a 3.5 to 1 RR.
Note
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