EUR Trading Outlook (29-04-2014)
AUD/USD: Day/week RSIs weigh as yield spreads narrows. For now, the market will focus on the April low of 0.9205. A break there opens up a 200 & 55 DMA (0.9150/53) test.
EUR/USD: Europe spiked the pair up from below 1.3820 to a high of 1.3880. Talk was Russian banks were the culprits. U.S home sales data pressured the pair to 1.3840 but bounced back towards 1.3860 as market may now lean towards an above f/c EZ CPI on Wednesday after Draghi’s comments. For now, rising 10 & 21 DMA combine with bullish day/week RSIs to give bulls the upper hand.
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