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AUD/EUR: Consolidating Above 20-Day EMA

AUD

After meeting resistance ahead of €0.62 last week the 20-Day EMA provided support to AUD/EUR. An ~0.3% rally saw the pair continue to consolidate in a narrow range above the 20-Day EMA.

  • On Wednesday AUD was boosted by firmer risk appetite, the S&P500 rose 1.2% and BBDXY fell 0.3%, and higher commodity prices as Bloomberg commodity spot index rose ~0.3%.
  • Bulls now target a break of €0.6197 the high from 10 May, which opens up the 200-Day EMA (€0.6354).
  • The 20-Day EMA (€0.6123) is the first downside target for bears, a break through here opens year to date lows at €0.5959.
  • On the wires in just over 40 minutes we have the April Australian Labour Market Report, the unemployment rate is expected to hold steady at 3.5%.
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