EURAUD Analysis
EURAUD has broken the downtrend line in the 1-hour timeframe chart.
After the breakout, while the market is retesting the broken level, we expect a bounce back from this retest zone.
This is the reason for buying EURAUD at the retest zone.
EURAUD has reached the take profit target successfully.
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Australian Dollar
Australian Q4 GDP Came at -1.1% versus -1.8% expected as YOY data.
Coronavirus vaccines are distributed over Australia and now people are getting back to a normal lifestyle.
And 3.1%(QoQ) growth rate makes the Australian Dollar more strong, and Private capital expenditures, rising wages, and inflation support the Australian Dollar.
Rising Iron ore prices and Copper prices make also supports the Australian Dollar to move up from 2019.
And Yesterday RBA meeting holds a cash rate of 0.10%, and Soon may change the bond purchases according to situations.
