Nick Nasad
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EUR/AUD - Support or Deeper Retracement?

Is the EUR/AUD going to find support here or a deeper retracement?

  • The AUD certainly has been a weakling over the last few sessions, as the RBA has talked down the currency and there is speculation of intervention.
  • However, in the hourly, the pair does look overstretched and due for a pullback.
  • The question is will it be a very shallow pullback, that is complete with a test of the 1.4750 pivot?
  • Or do we have a move lower towards 1.4685 or even 1.46, before we start to see a turnaround.