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AUD/EUR: Recent Losses Extend On Monday

AUD

Pressure on AUD/EUR extended yesterday as technical flows in EUR weighed, the pair sits at its lowest level since mid-September and ~3% below the high from 29 September.

  • In early dealing on Monday we sit little changed at €0.5935/40.
  • Technically AUD/EUR remains in a downtrend. Bears now target a break of the 76.4% retracement of the Aug-Sep bull leg (€0.5925), which opens the YTD low (€0.5863) and €0.5758 a Fibonacci projection.
  • On the upside bulls focus on the 20-Day EMA (€0.6001), a break through here opens high from 10 Oct (€0.6080) and the high from 29 Sep (€0.6127). The 200-Day EMA comes in at €0.6141.

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