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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, falling below the €0.60 handle printing its lowest level since October 2020. The pair printed a low at €0.5959 before marginally paring losses to sit at €0.5980/85.
- Softer than expected CPI in Australia and technical flows in EUR/USD as the pair breached resistance weighed yesterday.
- The pair has now fallen ~4% from its early April high and ~8.5% since briefly breaching the 200-Day EMA in January.
- The downtrend remains firmly in place, bears can now target €0.5867 the 50% retracement of the 2020-2022 Bull leg.
- Bulls first target the 20-Day EMA at €0.6102 to turn the tide.
Fig1: 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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