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AUD/EUR: Highest Since Early August, Breaches €0.60 Handle

AUD

AUD/EUR rose ~1.1% yesterday benefitting from firmer commodity prices and a dovish ECB rate hike. The pair had its strongest day since late July and now sits at its highest level since 2 Aug.

  • In early trade on Friday the cross is stable, last printing at €0.6050/55.
  • Bulls now look to target the high from Aug 1 at €0.6115 and the 200-Day EMA which comes in at €0.6186. A break through here opens the high from 15 June at €0.6310.
  • On the downside bears focus on the 20-Day EMA (0.5980), a break of the measure opens 5 Sep low (€0.5919) and cycle lows (€0.5863).

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