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AUD/EUR: 20-Day EMA Caps Recovery

AUD

AUD/EUR trimmed some of it's recovery from cycle lows yesterday as the pair was unable to break the 20-Day EMA (€0.5957). Softer equities weighed on the pair through the European and NY session finished down ~0.5%.

  • In early dealing on Friday the pair is little changed from opening levels and last prints at €0.5935/40.
  • Bulls look to sustain a break of the 20-Day EMA which opens the €0.60 handle and the high from Aug 1 at €0.6115.
  • On the downside bear's focus is on a break of cycle lows (€0.5863). This opens the low from May 4 2020 (€0.5815), low from April 8 2020 (€0.5631) and €0.5595 a Fibonacci projection.

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