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AUD/EUR: Recovers Off Cycle Lows, RBA On Tap

AUD

AUD/EUR has firmed ~1.5% after printing its lowest level since October 2020 last week, the pair has recovered above the €0.60 handle and sits at €0.6035/45.

  • Despite the recent recovery we remain in a downtrend, bears first look to break April 26 low at €0.5959 a break through here opens €0.5867 the 50% retracement of the 2020-2022 Bull leg.
  • Bulls first look to break the 20-Day EMA (€0.6086) to turn the tide.
  • The RBA's latest monetary policy decision today presents the next risk event, the bank is expected to hold policy unchanged at 3.6%.

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