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AUD/EUR: Gains Capped Above €0.60 Handle

AUD

AUD/EUR firmed yesterday as risk sentiment improved after stronger than expected credit data from China, gains were capped above €0.60 and the pair finished dealing ~0.4% higher.

  • In early dealing on Tuesday we sit at €0.5980/85, little changed from opening levels.
  • AUD/EUR now sits above the 20-Day EMA (€0.5964) as bulls look to turn the tide on the downtrend that has persisted since October 2022. Bulls target the high from 4 Sep at €0.6007, a break through here opens the high from Aug 1 at €0.6115 and the 200-Day EMA comes in at (€0.6181).
  • Bears now focus on the 20-Day EMA, a break of the measure opens 5 Sep low (€0.5919) and cycle lows (€0.5863).
  • On the wires today from Australia we have Westpac Consumer Confidence and NAB Business Survey. Further out German Wholesale Prices and the ZEW Survey cross.
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