EUR/AUD Break Out Targets 1,300 Point Up Move
FX technical analysis video looking at the potential for a 1,300 point move in the EUR/AUD spread betting market, plus strategic price targets and support/resistance for EUR/USD and EUR/GBP.
This week Michael Hewson of CMC Markets discusses:
- The ECB reducing its balance sheet by taking back €140bn of LTRO loan money
- Expectations for the ECB interest rate meeting on Thursday (7 Feb 2013)
- French President Hollande holding contrasting views with ECB President Draghi
- EUR/USD chart – bullish medium-term objective near $1.3840/50
- EUR/GBP chart – uptrend remains intact while above 200WMA around £0.8520/30 level
- EUR/AUD chart – long-term breakout of inverse head and shoulders pattern targets 200WMA near $1.4295 – a 1,300 point upwards move
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Video content by Michael Hewson of CMC Markets
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