EUR/AUD Breakout May Develop Legs
- EUR/AUD breaking out above well-tested resistance
- Degree dates again to 2015, however been in play lots in previous two years
- May run onerous with a risk-off occasion
EUR/AUD has had important play across the 16555 degree since early 2019, with the origination of the extent courting again to August 2015 when markets received roiled on Chinese language slowdown fears. However the latest motion round it pre and publish corona panic cemented it as a degree of significance.
Given how a lot time has been spent round 16555 the 200-day has turn out to be hinged to the identical neighborhood since Could. The breakout might be quite important so long as it holds. Within the absence of a risk-off occasion we may see 17500, with the assistance of a large risk-off occasion we may see a lot increased ranges.
The correlation between the VIX and EUR/AUD is often constructive throughout all time-frames, with the previous yr holding a statistically important 0.91. If shares unload then search for the pair to spike together with…