The best trade to put on at the start of the quarter was long EUR/AUD. The pair gained relentlessly since the start of April in a cumulative 19 big figure move.
There are a number of trade recommendations floating around suggesting bets on a retracement of the huge one-way move but zooming out to the quarterly chart shows the gains could just be the start of a retracement of the relentless decline since the crisis.
EURAUD quarterly chart
Of course, both side could ultimately be proven right if the pair could drift back to 1.35/1.33 before resuming its upward climb.
