EUR Trading Outlook (04-03-2014)

AUD/USD: The pair broke through 55 DMA but was unable to break through 0.8880/ 0.8890 as exporters heavily bid on it. Range trading still in play, a break through either 0.8880 or 0.9080 is needed for further action.

EUR/USD: After the pair dropped from concerns in Crimean, the pair was able to rally back to a high of 1.3792. However, ECB Draghi’s comment made the pair fell all the way down to low 1.3725 as he stated ” the longer inflation stays down, the greater the risk it won’t go back to 2%” The pair pierced the 200 hour MA and tested bids at levels from pre-EZ inflation data, little bounce was seen through the pair at the moment.