EUR/AUD Hits June Highs

In a volatile day of trading, we saw the Euro receive a strong bid ahead of yesterday’s European open, that was later confirmed and the currency pushed higher on better than expected Euro-Zone PMI figures (42.4 vs. 40.7) and German Consumer Sentiment (GFK survey, which hit a 1 year high for the July estimate (2.9 vs. 2.5.) This helped the Euro against not only the USD but other risk profile currencies like the AUD. On the chart below we see the EUR/AUD pair hit the full retracement of the June highs and traded lower in short order. We see the pair being resisted by that high and perhaps gathering some light support at 4-200hr moving average, however a break lower on rebounding commodity prices this week could see the pair flirt with the 50% retracement area when the 4-21hr mavg and 4-100hr moving average have just crossed.

Subscribe by RSS Subscribe by Email