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AUD/EUR: Consolidating Gains, RBA On Tap

AUD

AUD/EUR is consolidating gains in recent dealing, improving risk appetite in November has seen the pair firm ~1.5% and we are holding above the 20-Day EMA (€0.6023).

  • In early dealing on Tuesday we sit at €0.6050/55.
  • Bulls now focus on sustaining a break of €0.6078 (high from 6 Nov), this opens the €0.61 handle and the 200-Day EMA (€0.6130).
  • Technically the pair remains in a downtrend, bears first target the 20-Day EMA. A break through here opens the 76.4% retracement of the Aug-Sep bull leg (€0.5925), which opens the YTD low (€0.5863) and €0.5758 a Fibonacci projection.
  • A reminder that the RBA is on tap today, the Bloomberg survey looks for a 25bp hike in the cash rate to 4.35%. RBA dated future have ~17bps of hikes priced in.
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