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AUD/EUR: Supported Ahead Of Cycle Lows

AUD

AUD/EUR was supported ahead of cycle lows yesterday after higher US Tsy Yields weighed on risk sentiment, the pair rose ~0.4% from trough to peak alongside US equities firming in Monday’s NY session.

  • In early dealing on Tuesday the pair is little changed from opening levels, and last prints at €0.5885/90.
  • AUD/EUR remains in a strong downtrend, bears immediate focus is on a break of cycle lows (€0.5863). This opens the low from May 4 2020 (€0.5815), low from April 8 2020 (€0.5631) and €0.5595 a Fibonacci projection.
  • Bulls focus on regaining the €0.59 handle which opens the 20-Day EMA (€0.5974).
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