EUR/AUD
At yesterday's meeting, the Board decided to leave the cash rate unchanged at 2.25 per cent. AUD soared against the euro. It's an intraday biggest gain of AUD in the recent weeks. We initially recommended buying this pair at 1.3900 with sl 1.3820 and target at 1.4280. But the pair moved above our expectations. It made a high at 1.4450. Before the RBA announcement, the pair was testing the strong resistance zone. Currently, the pair pattern ia shifting to selling with sl 1.4475. This view is likely to erase if the price closes above 1.4475. The pair has nearly found support at 1.4100. We can expect 1.4075 and 1.4045 immediately. Panic is seen to be created below 1.4040 towards 1.3875. The near term was capped with a possible double top in the four-hour time interval. We recommend selling below 1.4130 with targets at 1.4100, 1.4075, and 1.4045 for an intraday session.
Trade: Selling below 1.4130
EUR/GBP
UK services rose in March reported the strongest increase since August 2014. The Index rose to 58.9 in March from 56.7 in February, indicating a marked pace of expansion that was the fastest since August 2014. Over the first quarter of 2015 as a whole the Index averaged 57.6, a better outcome than the 56.9 posted in Q4 2014, the lowest of any quarter since Q2 2013. The pound looks bearish ahead of UK election. UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. That's why we recommended buying in our previous articles. Longer-term time frames favor bears. Traders are willing to buy and hold the pound instead of the euro. The pair gets rejection at 0.7384for three consecutive times. The pair gave an upside breakout from the inverse head and shoulder in the four-hour chart. Currently, it has been testing its fate or fortune at the neckline. A daily close above 0.7384 ignites fresh buying towards 0.7450 and 0.7500. At the Asian session, the pair breached the 16-hour resistance level at 0.7308. We recommend intraday buying above 0.7320 with targets at 0.7340 and 0.7380. A big swing looms above 0.7385. Weekly support is found at 0.7220 below this steep fall towards 0.7150. On the downside, intraday support is found at 0.7280. We recommend selling below 0.7270 with targets at 0.7250, 0.7225, and 0.7155.
Trade: Selling below 0.7270
Buying above 0.7320
