EURAUD Analysis:
EURAUD is rebounding from the higher low area of the ascending channel and the horizontal support area.
After the confirmation of the upward movement, EURAUD buy signal is given.
EURAUD Update
EURAUD has consolidated more, went near to the take profit but didn’t reach it out and trying now to break the low level of the ascending channel and the horizontal support area which leads to the SL price.
Why Australian Dollar is Stronger now?
China has released Lockdown in the Capital city of Beijing and Chinese Economic data came in moderate numbers yesterday, China’s lockdown release is positive news for Australian Exports. As Australia exports more to China. Today Australian GDP stands at 0.80% MoM. which is a stronger number than expectations. These are the major reasons for AUD strength.
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