From the 6 March EURAUD Technical Outlook, the pair is rethinking it’s AUD bullish bias in the Tokyo session and is currently trading near 1.5875. What else is discussed?
6 March, GKFX – The Euro continues to give the Aussie a run for its money, and today is shaping up no different, as a miss for Aussie retail data leaves the Australian currency second-guessing its recent climb.
Aussie GDP, RBA’s Lowe positive tone to provide the AUD’s next bump
March sees the EUR/AUD breaking north of a recent consolidation range, and the recent pullback from 1.5937 may prove short-lived if GDP numbers for Australia, due at 00:30 GMT Wednesday, don’t help to correct the hesitant landscape facing the AUD.
Tuesday’s calendar is decidedly clear of any heavy-duty macro figures for the Eurozone, so the onus will be on the Reserve Bank of Australia’s (RBA) governor, Philip Lowe, to give the Aussie a bid when he delivers a speech later today at 21:35 GMT.
6 March EURAUD Technical Outlook
The pair is trading deeply into bullish territory, and the upper bound of the recent consolidation range is likely to begin acting as support, while H4 charts show a possible correction from 1.5937, but only if the AUD bulls can push through the latest round of muddling economic data from Australia.
Intraday support levels can be found at swing low points near 1.5785 and 1.5715, with resistance at 1.5937 and the 1.6000 handle, a price level the pair hasn’t challenged since early 2016.
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