EUR/AUD has been recently going through a non-volatile bullish trend since the bounce from 1.37. Recently, EUR has been quite stronger than AUD till today when Australia released some positive economic reports which enabled AUD to gain ground. Today, Australia presented Employment Change report which showed a notable increase of 37.4k which was expected to be at 4.5k. As a result, Unemployment Rate was also declined to 5.7% from 5.9% previously. On the EUR side today, ECB President Draghi is going to speak about Short-Term Interest Rates and future monetary policies. During the event, the pair is expected to trade with higher volatility today. Currently, AUD is dominating over EUR. If Draghi's speech goes bearish for EUR today, AUD is likely to extend its gains against EUR in the coming days.
Now let us look at the technical chart. The price is currently showing some bearish rejection in a non-volatile bullish trend in light of the positive reports published in Australia today. Currently, the price is heading towards the support level of 1.4880. The bullish trend is still strong, so if the price rejects off the level, then price is expected to show some bullish move towards 1.5100 resistance level. On the other hand, in the context of AUD current strength, if the price breaks below 1.4880 with a daily close, it would be a good decision to sell with a target towards 1.4600.
No comments:
Post a Comment