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AUD/EUR: Fresh Cycle Lows

AUD

AUD/EUR prints at $0.6165/70 this morning, ~0.1% firmer this morning.

  • The cross printed a fresh cycle low yesterday at $0.6152 after breaking through $0.62 which had provided support this week.
  • Weakness in US Equities weighed on the AUD. Comments from Treasury Sec Yellen that the US government wasn't considering a "blanket" deposit insurance scheme to stabilise the banking system as well as Fed Chair Powell noting he was prepared to keep raising interest rates until inflation shows signs of cooling dampened risk sentiment.
  • Bears look to target $0.60, round number support.
  • To turn the tide bulls first look to break the 20-Day EMA which currently sits at $0.6269.

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