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AUD/EUR: Testing 20-Day EMA

AUD

AUD/EUR had its strongest day since mid-September rising ~1% as weaker than expected PMIs in Europe weighed on the EUR, firmer metals and a moderate rise in equities added support to the cross.

  • The pair is testing the 20-Day EMA (€0.6007) in early dealing and sits a touch above the €0.60 handle.
  • Bulls focus on a break of the 20-Day EMA and the high from 18 Oct (€0.6041). This opens the €0.61 handle and the 200-Day EMA (€0.6140).
  • 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.

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