Short EURAUD on break of ascending channel

28 พ.ค. 2019

The political tensions in the Euro zone, plus Brexit, plus the continued weakness of the German economy are all adding a lot of pressure on the Euro. On the other hand the Aussie seems to have absorbed most, if not all of the pressure from the US-China trade war and is showing signs of strength against most other major currencies. The EURAUD is the most appealing to me because it puts a weak currency, the EUR, against a strong counterpart. Additionally, the break of the ascending channel is confirmation that the pair is ready to retreat and give back some of the recent gains.

Entry at 1.61400. Stop loss at 1.62630