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  • EUR/AUD Forecast – Can Euro Move Into Bullish Zone Vs Aussie Dollar?

    EUR/AUD Forecast – Can Euro Move Into Bullish Zone Vs Aussie Dollar?

    • – The Euro moved down this past week and traded as low as 1.4799 against the Aussie Dollar.
    • – The EUR/AUD pair is currently recovering and attempting a break above a bearish trend line at 1.4870 on the hourly chart.
    • – Recently in the Euro Zone, the German wholesale price Index for May 2017 released by the Statistisches Bundesamt Deutschland posted a decline of 0.7% (MoM).

     

    Germany’s Wholesale Price Index

    Recently in the Euro Zone, the German wholesale price index for May 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for the index to increase by 0.2%, compared with the previous month.

     

    However, the actual result was a lot lower, as there was a decline of 0.7%. In terms of the yearly change, the market was aligned for an increase of 3.6% in order in May 2017, but actual was +3.1%. In an another release, the Spanish Consumer Price Index for May 2017 published by the National Institute of Statistics posted a decline of 0.1% (MoM), which was in line with the market forecast.

     

    If the EUR/AUD pair manages to close above the 1.4875 level, there are chances of further gains towards 1.4950.

     

    EUR/AUD Technical Analysis

    The Euro declined heavily this past week and traded a pip below the 1.4800 handle against the Aussie Dollar to form a low at 1.4799. The EUR/AUD pair after forming a support near 1.4800 started a recovery and moved above 1.4820.

     

    EUR/AUD Technical Analysis Euro Aussie Dollar

     

    Later, the pair was able to break the 23.6% Fib retracement level of the last decline from the 1.4948 high to 1.4799 low. At present, the pair is attempting a break above a bearish trend line at 1.4870 on the hourly chart and the 100 simple moving average.

     

    The Euro bulls need to break the trend line resistance at 1.4870 and the 50% Fib retracement level of the last decline from the 1.4948 high to 1.4799 low in order to gain traction for an upside move towards the 1.4940-50 levels. On the downside, the pair remains supported near 1.4800, and a connecting support trend line at 1.4780.

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  • EUR/AUD Forecast – Euro To Capitalize Versus Aussie Dollar

    EUR/AUD Forecast – Euro To Capitalize Versus Aussie Dollar

    • – The Euro opened with a gap up, considering bullish sentiment building around French Elections.
    • – The EUR/AUD opened near 1.4440, and then started forming a descending channel on the hourly chart.
    • – Today, the German IFO Expectations for April 2017 released by the CESifo Group posted a decline from 105.7 to 105.2.

     

    German IFO Expectations

    Today in the Euro Zone, the German IFO Expectations for April 2017 was released by the CESifo Group. The market was positioned for an increase of from the last reading of 105.7 to 106.00 in April 2017.

     

    However, the result was on the lower side, as there was a decline in the German IFO Expectations from 105.7 to 105.2. On the other hand, the IFO Current Assessment index posted an increase from the last revised reading of 119.5 to 121.1. The last but not the least, the German business sentiment index posted a rise from the previous revised reading of 112.4 to 112.9 in April 2017. It was high than the forecast of 112.5.

     

    So, there is overall positive sentiment for the EUR/AUD pair, which could lead it higher towards the 1.4400 level.

     

    EUR/AUD Technical Analysis

    The Euro gained heavily today, as the market was bullish on the French election results. All the Euro pairs opened with a gap up, including EUR/AUD, trading above the 1.4400 level. The pair traded as high as 1.4439 from where a correction was initiated.

     

    EUR/AUD Technical Analysis Euro Aussie Dollar

     

    Later, the pair traded lower and moved below the 23.6% Fib retracement level of the last wave from the 1.4167 low to 1.4439 high. At the moment, the pair has formed a descending channel on the hourly chart with resistance at 1.4375.

     

    The pair is bouncing from the 38.2% Fib retracement level of the last wave from the 1.4167 low to 1.4439 high. However, it needs to break the channel resistance at 1.4375 in order to challenge the 1.4400 level once again. On the downside, the 1.4300 level is the most important support, followed by the 1.4280 area. At the moment, there looks no possibility of the EUR/AUD pair closing the opening gap at 1.4200 in the near term.

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  • EUR/AUD Forecast – Euro Likely To Trade Further Higher Vs Aussie Dollar

    EUR/AUD Forecast – Euro Likely To Trade Further Higher Vs Aussie Dollar

    • – The Euro traded higher above 1.4100 against the Aussie dollar and remains supported.
    • – The EUR/AUD pair is following a nice ascending channel with support at 1.4120 on the hourly chart.
    • – Earlier today, the German Trade Balance for Feb 2017 released by the Statistisches Bundesamt Deutschland posted a trade surplus of €21B, better than the forecast.

     

    German Trade Balance

    Today in the Euro Zone, the German Trade Balance for Feb 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for the balance between exports and imports of total goods and services in Feb 2017 to post a trade surplus of €18.4B, compared with the last €18.5B.

     

    However, the outcome was above the forecast, as the German Trade Balance posted a trade surplus of €21B. The last reading was also revised up from €18.5B to €18.9B. German exports in Feb 2017 increased 0.8%, and imports declined by 1.6%. Moreover, the report mentioned that the “current account of the balance of payments showed a surplus of 20.4 billion euros in February 2017, which takes into account the balances of trade in goods including supplementary trade items (+23.1 billion euros), services (–1.4 billion euros) and others”.

     

    Overall, the result was positive, and may help EUR/AUD to gain pace for a move towards 1.4180.

     

    EUR/AUD Technical Analysis

    The Euro remained in a steady uptrend with a move above 1.4080 and 1.4100 against the Aussie dollar. The EUR/AUD pair recently traded towards 1.4180 where it found offers and moved down. The pair moved below the 38.2% Fib retracement level of the last wave from the 1.4084 low to 1.4178 high.

     

    EUR/AUD Technical Analysis Euro Aussie Dollar

     

    However, the downside was prevented by an ascending channel with support at 1.4120 on the hourly chart. Furthermore, the 61.8% Fib retracement level of the last wave from the 1.4084 low to 1.4178 high also acted as a strong support area along with the channel trend line.

     

    The pair is once again moving higher, and likely to retest 1.4178. But, if the current trend remains intact, there is a chance of the EUR/AUD pair testing the 1.4200 resistance area in the near term.

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  • EUR/AUD Analysis – Euro To Aussie Dollar Heading Towards Support

    EUR/AUD Analysis – Euro To Aussie Dollar Heading Towards Support

    • – The Euro declined heavily against the Aussie dollar recently, and moved below the 1.4300 support area.
    • – There are two bearish trend lines on the 4-hours chart of EUR/AUD, acting as a resistance on the upside near 1.4260-1.4300.
    • – Earlier today, the German wholesale price Index released by the Statistisches Bundesamt Deutschland posted an increase of 1.2% in Dec 2016, compared with Nov 2016.

     

    German Wholesale Price Index

    There was no major economic release in the Euro Area today. The only one to note was the German wholesale price Index by the Statistisches Bundesamt Deutschland. The market was not expecting a rise of more than 0.5% in Dec 2016, compared with Nov 2016.

     

    However, the result was better than the forecast, as there was a rise of 1.2% in the German wholesale price Index. Looking at the yearly change, there was a 2.6% rise in the index in Dec 2016, compared with the same month a year ago. The report also added that the “index of selling prices in wholesale trade was down 1.0% on an annual average in 2016 from the preceding year”.

     

    Overall, the outcome was above the expectation, and it gives a chance to the Euro buyers to take the EUR/AUD higher for a recover towards 1.4220.

     

    EUR/AUD Technical Analysis

    The Euro faced a lot of selling pressure against the Aussie dollar during the past few days, as it moved below a couple of important support levels like 1.4400 and 1.4300. The EUR/AUD pair currently looks like in a downtrend with two bearish trend line as resistance on the 4-hours chart near 1.4260-1.4300.

     

    EUR/AUD Analysis – Euro To Aussie Dollar

     

    The pair already broke the 76.4% Fib retracement level of the last wave from the 1.4090 low to 1.4720 high. So, there is a chance of a full test of the last swing low near 1.4100.

     

    The highlighted support area is very important. It acted as a barrier earlier, and may produce a bounce once again from 1.4100. The H4 RSI has also reached the oversold readings, which means the EUR/AUD pair may sooner or later attempt to recover.

     

    On the upside, an initial resistance is near 1.4200, followed by the highlighted bearish trend lines.

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