Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
EUR/AUD wants down
2019-11-11 • Updated
SELL 1.6280; TP 1.6225; SL 1.63
Have a look at the chart of EUR/AUD. There’s a bearish divergence between the price and the Awesome Oscillator on D1. The pair tested levels above the 50% Fibo of the 2008-2012 decline but then returned lower. In addition, yesterday the pair formed a bearish pin bar (a candlestick with a long upper wick). These are solid reasons to expect a correction to the downside. The European manufacturing/services PMI released today may trigger the move.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
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