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EUR/SEK: return to crossover level could be bought

The advance set in motion by the EUR/SEK pair lead to a cross between the 100 and 200-SMA on the 4hr charts.

Should bulls gain conviction on this signal, the 200-SMA could be defended on a price drop. The recent lows are at a relative narrow distance from the price level where the so-called “Golden Cross” occurred.

The bullish outlook should be reconsidered by a close below the 200-SMA.

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Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair enjoyed some short-lived demand during the European morning, after the release of better-than-expected data in the UK.
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RBA: Nearly 50% likelihood of a 25bp rate cut - RBS

Brian Daingerfield, FX Trading Strategist at RBS, notes that interest rate markets suggest a nearly 50% likelihood of a 25bp interest rate cut at the Reserve Bank of Australia meeting.
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