As $audusd is struggling to get back above 1.0700, some retracement may be in order for the pair which would give $euraud a boost higher. Also, better than expected German IFO data is making the euro more attractive with $eurgbp leading the way. I'm targeting the 1.2500-1.2550 area as this is an area of high congestion on a daily ichimoku chart (cloud resistance). Keep an eye on the 4-hour close coming up around this 1.2445 resistance level.Thursday, February 23, 2012
$EURAUD: Looks poised to go higher, watch 1.2445 level
As $audusd is struggling to get back above 1.0700, some retracement may be in order for the pair which would give $euraud a boost higher. Also, better than expected German IFO data is making the euro more attractive with $eurgbp leading the way. I'm targeting the 1.2500-1.2550 area as this is an area of high congestion on a daily ichimoku chart (cloud resistance). Keep an eye on the 4-hour close coming up around this 1.2445 resistance level.
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