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AUD/EUR: Pressured On Friday; Eurozone CPI,RBA In View

AUD

AUD/EUR was pressured on Friday, there was no obvious headline driver as AUD underperformed in the G-10 space with several technical support levels in AUD/USD breaking which spilled over into AUD crosses.

  • The pair fell ~1.3% on Friday, breaching the 20-Day EMA (€0.6091) with support coming in ahead of the €0.60 handle.
  • In early trade on Monday AUD/EUR is a touch firmer and last prints at €0.6040/45.
  • Bears now target a break of the low from 19 July (€0.6023) which opens up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • Bulls first target the 20-Day EMA (€0.6091), from here they look to break the high from July 15 (€0.6159). The 200-Day EMA comes in at €0.6270.
  • On tap today we ahve Eurozone July CPI a print of 5.3% Y/Y for headline inflation is expected. Tomorrow the latest monetary policy decision from the RBA crosses, the decision looks to be split between a hold at 4.10% and a 25bp hike to 4.35%.
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