EURAUD - LONG - 4TH WAVE + RBA SLASHES INTEREST RATES TO 0.5%
Technical Strategy: I am aiming to catch the 5th wave from a nice pullback to the new support level.
Macro Insight: The RBA was quick to set another 25 basis point rate cut which lowered their key policy rate to a new record low of 0.50% to counter coronavirus hit. Although, a Safe Haven currency could have been my best bet to trade however I am very positive considering UK-EU have started their negotiation process since 2nd March.
I am looking to buy around the 1.67 which is a 38.2% pullback of Wave 3 and a significant support area that has recently been broken.
Macro Insight: The RBA was quick to set another 25 basis point rate cut which lowered their key policy rate to a new record low of 0.50% to counter coronavirus hit. Although, a Safe Haven currency could have been my best bet to trade however I am very positive considering UK-EU have started their negotiation process since 2nd March.
I am looking to buy around the 1.67 which is a 38.2% pullback of Wave 3 and a significant support area that has recently been broken.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.