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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
The RBA's decision to hold the cash rate at 4.10%, as well as escalating risk off flows weighed on the AUD/EUR yesterday. Losses have extended this morning after Fitchs decision to cut the US Credit Rating to AA+ from AAA.
- The pair sits at €0.6005/10 and is down ~0.2% today. The 20-Day EMA has been breached and YTD lows are in sight for bears.
- Bears target a break of year-to-date lows (€0.5959) which opens €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
- On the upside bulls immediate focus is on the 20-Day EMA (€0.6082), which opens the high from 13 July (€0.6093).
Fig 1: 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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