8 Apr 2015
EUR/AUD drops for the second consecutive session
FXStreet (Mumbai) - The bid tone on the Aussie persisted on Wednesday, which pushed the EUR/AUD pair lower to 1.4120 levels.
Trades at one-week low
The pair hit a one-week low of 1.4105 today as the demand for the Aussie remained strong after the Reserve Bank of Australia (RBA) kept the interest rates unchanged on Tuesday. The AUD/USD pair had dipped to a six-year low on Friday in anticipation of an interest rate cut. Consequently, a no rate cut decision led to a sharp rally in the AUD across the board.
Meanwhile, a disappointing German factory orders data released today did little to help the pair recover losses. Attention now shifts to the Eurozone retail sales data due for release in a few minutes.
EUR/AUD Technical Levels
The immediate resistance is seen at 1.4178 (Mar. 30 high), above which gains could be extended to 1.4218 (50-DMA). On the flip side, a break below 1.41 could drive the pair lower to 1.4040.
Trades at one-week low
The pair hit a one-week low of 1.4105 today as the demand for the Aussie remained strong after the Reserve Bank of Australia (RBA) kept the interest rates unchanged on Tuesday. The AUD/USD pair had dipped to a six-year low on Friday in anticipation of an interest rate cut. Consequently, a no rate cut decision led to a sharp rally in the AUD across the board.
Meanwhile, a disappointing German factory orders data released today did little to help the pair recover losses. Attention now shifts to the Eurozone retail sales data due for release in a few minutes.
EUR/AUD Technical Levels
The immediate resistance is seen at 1.4178 (Mar. 30 high), above which gains could be extended to 1.4218 (50-DMA). On the flip side, a break below 1.41 could drive the pair lower to 1.4040.