Convert EUR to AUD
Gold is considered a safe haven asset among traders and usually strengthens when the markets trade with a risk-off sentiment, in times of high economic uncertainty. However, the AUD enjoys a strong positive correlation with gold, as it is a key export out of Australia. As a result, EUR/AUD does not see as much movement whenever gold prices fluctuate.
The cross currency pair, EUR/AUD, sees significant volatility whenever global economic conditions change, e.g., during the financial crisis in 2008-09 and the more recent US-China trade war. During such times, this pair trades bullish and strengthens as traders move away from the riskier AUD and towards the safer EUR.
Cross pairs like EUR/AUD offer significant volatility and hence, many opportunities for earning profits. However, trading such highly volatile currency pairs requires traders to have good knowledge of various trading strategies to identify strong trends in the forex market.