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AUD/EUR: Consolidating In Narrow Range Above 20-Day EMA

AUD

After meeting resistance ahead of €0.62 in early May the 20-Day EMA provided support to AUD/EUR. The pair has consolidated in a narrow range in recent dealing.

  • The pair is holding its early month gains and sits up ~2% in May. We last print at €0.6145/50.
  • Bulls now target a break of €0.6197 the high from 10 May, which opens up the 200-Day EMA (€0.6350).
  • The 20-Day EMA (€0.6128) is the first downside target for bears, a break through here opens year to date lows at €0.5959.
  • There is a thin docket today, Australian and European PMIs print tomorrow in the next risk events for the pair.
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