TD trade of the week: Buy EUR/AUD
It's having a good start
The weekly FX pick from TD Securities is to buy EUR/AUD. The pair is up 124 pips to day to 1.6367.
They target 1.6675 with a stop at 1.5890.
"With EUR/AUD now looking like it is starting to turn higher from its range base around 1.61, we thing the cross may be ready to return to the top of the channel near 1.67 in the days ahead. Here, we note the technical backdrop is also supportive. A move higher, we think, could see an acceleration to the upside," TD writes.