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AUD/EUR: Holding Near Cycle Lows

AUD

AUD/EUR retreated from early Asian session highs yesterday, resistance was seen ahead of the €0.60 handle, paring gains to hold in a narrow range above cycle lows.

  • The pair is little changed on Tuesday and last prints at €0.5970/75.
  • AUD/EUR remains in a strong downtrend, the pair sits ~9% below 2023 highs in late January. Bears immediate focus is on a break of year-to-date lows (€0.5959) which opens €0.5867 the 50% retracement of the 2020-2022 Bull leg.
  • Bulls focus on high from 4 Aug (€0.6010), a break through here opens the 20-Day EMA (€0.6045).
  • Data-wise in Australia we have Aug Westpac Consumer Confidence and July NAB Business Survey. Further out the final print of July CPI from Germany is due.

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