EUR/AUD is currently residing at the edge of 1.4880 support level in a corrective volatile trend structure. Both currencies in this pair have been quite strong amid positive economic reports recently, so the market sentiment is quite confused about providing proper directional push in the market by now. Recently, Australia’s Employment Change report was published with a significant increase to 54.2k from the previous figure of 29.3k which was expected to decrease to 17.5k whereas Unemployment Rate was published with an unchanged value of 5.6% as expected. On the other hand, EUR has been also quite positive with the Employment change and other economic reports published recently which put the market in a more corrective structure. Today, the eurozone’s Trade Balance report is going to be published which is expected to decrease to 20.1B from the previous figure of 22.3B. If the economic reports show worse figures today, then we might see AUD taking proper advantage of the reports to increase its gains over EUR. As today AUD did not have any economic reports but the worse report from the eurozone can easily put pressure on market sentiment which will be impulsively bearish in nature for the coming days.
Now let us look at the technical chart. The price is currently residing at the edge of 1.4880 support level which is also being held by the dynamic level of 20 EMA as resistance. As the price remains below the dynamic level of 20 EMA, the bearish pressure is expected to be constant in the market. If the price breaks below 1.4880 with a daily close today, then we might see further bearish pressure in the coming days with a target towards 1.4500.
The material has been provided by InstaForex Company – www.instaforex.com