EURAUD and EURCAD

Daily             

4hr EURCAD

EURCAD Todays Trade

T4X Outlook: Short below 1.4619  support look for 1.4527

T4X: Substitute Outlook:  Long above 1.4619 , expect 1.4674  and 1.4696

Comment: Possible 4hr Market top on stochastic 

The Westpac Consumer Confidence 23.00                                             1.9%                    23.00

EUR/AUD

The Westpac Consumer Confidence 23.00                                             1.9%    23.00

The recent stabilization in AUDUSD is sending mixed signals as to whether it is a false rebound or the beginning of a slow consolidation. The RBA’s verbal attack on the Aussie has been instrumental in the decline of the last 4 weeks, but the central bank cannot continue to resort to verbal intervention alone when Aussie macro figures have shown bright spots in retail sales and building approvals. There is a difference between a currency being stubbornly strong with ample room on the downside and a currency down 8% with no prospects of rate cuts in the foreseeable future.