Free Trial

AUD/EUR: Recovers After Printing Fresh Cycle Lows

AUD

AUD/EUR printed a fresh cycle low in yesterday's Asian session as concerns over the Chinese economy escalated after a notable wealth manager missed payments to investors. The pair found support and ticked higher through the European and NY sessions erasing early losses to finish dealing ~0.2% firmer.

  • The pair is little changed from opening levels in early dealing and sits at €0.5945/50.
  • AUD/EUR remains in a strong downtrend, bears immediate focus is on a break of yesterdays lows (€0.5906) which opens €0.5867 the 50% retracement of the 2020-2022 Bull leg.
  • Bulls focus is on the 20-Day EMA (€0.6005), a break through here opens high from 1 Aug (€0.6115).
  • On the wires today we have the RBA Minutes of the August policy meeting and Q2 Wage Price Index from Australia.

To read the full story

Close

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.