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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
AUD/EUR was pressured yesterday printing a fresh cycle low, and its lowest level since August 2021.
- The cross had firmed early in the week testing the 20-Day EMA before reversing gains after the RBA held interest rates steady and the accompanying statement had a dovish tone. Pressure extended yesterday as concerns over the US economy weighed on risk assets.
- AUD/EUR has fallen ~2% from Monday and printed a fresh cycle low at €0.6102 yesterday.
- The downtrend remains firmly in place, bears can now target €0.60 handle which opens up €0.5890, a Fibonacci projection.
- Bulls first look to sustain a break of the 20-Day EMA (€0.6207) to turn the tide.
Fig 1: AUD/EUR Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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