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Trade of the Week
EURAUD – On A Steady Rebound
It’s a big week ahead for the euro as volatility will pick up at the ECB meeting on Thursday.
In her first press conference as the new ECB president, Christine Lagarde is expected to address how the central bank will combat low inflation.
The euro could recoup some of the recent losses if there are meaningful tweaks in the ECB’s policy. The pair has found support at the 50% (1.6150) Fibonacci retracement level, as the RSI remains neutral.
A break above 1.6300 could trigger an extended rally towards 1.6400.
GBPJPY on a Correction Course
On the other side of the channel, the Brexit-focused election will keep traders on their toes. A Conservative victory could fuel the pound’s latest rally as it could pave the way for Boris Johnson’s withdrawal deal to be ratified as soon as January.
A different result, however, could lead to another stalemate and the pound could suffer from fading optimism.
We expect the pair to retrace towards...
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