Fundamental Analysis of EUR/AUD for May 11, 2017 - Forex247

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Thursday, May 11, 2017

Fundamental Analysis of EUR/AUD for May 11, 2017

EUR/AUD has recently bounced off from 1.4880 resistance level after an impulsive non-volatile bullish trend. Today, Germany presented WPI report which revealsed a positive figure of 0.3%, better than the forecast for a minor 0.1% growth. ECB Economic Bulletin and EU Economic forecast will be published today in a few hours that are expected to bring higher volatility to this pair. On the other hand, on Tuesday Australia released a negative Retail Sales report showing a contraction of -0.1% instead of the expected growth of 0.3%. This triggered some volatility in the market where AUD lost some grounds against EUR recently. Currently if the meetings in the eurozone today come out hawkish, then we might see EUR gaining more strength against AUD.

Now let us look at the technical chart. The price has been in a volatile corrective structure throughout the week after bouncing back from 1.4880 resistance level. Currently, the price is expected to move down towards 1.4600 in the coming days with a bearish bias. We can consider selling this pair until the price breaks above 1.4900 with a daily close.

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The material has been provided by InstaForex Company - www.instaforex.com


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