forex EUR/AUD: Euro Remains Weak on a Side-way Trend

[Anzo Lim 0]

https://jump.wikifx.com/83348CF26389B46D

JP Morgans have gave up making any predictions about whether ECB will cut its rate in the rest of 2019. The company’s report on Friday noted that since September’s basket of easing policies kindled fierce public debates among European policy makers, JP Morgan hasn’t made any forecasts; as there hasn’t been further signals for easing, and it takes time to reach consensus within the ECB board, it’s increasingly difficult to predict ECB’s upcoming actions in December. The next step for the European’s central bank can be launching an evaluation on policy strategy. If postponed until mid-2020, the evaluation may become an excuse for ECB’s passiveness in taking actions. It’s estimated that ECB will likely keep its current position in monetary policy. Meanwhile, ECB hawk Muller said last weekend that should the economic situation in the Eurozone continues to deteriorate, the central bank may purchase even more assets, such as government and business bonds, alongside taking other easing approaches. Overall, it appears that the Euro will remain weak on a side-way trend, and investors may seek right opportunities to trade the pair of EUR/AUD.

 

Daily pivot points for EUR/AUD: 1.6213--1.6233

S1: 1.6182         R1: 1.6245 

S2: 1.6160         R2: 1.6286

Edited November 18, 2019 by Anzo Lim