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AUD/EUR: Testing 20-Day EMA

AUD

AUD/EUR firmed yesterday alongside US Equities as a 20-Year US Tsy Auction proceeded smoothly. The cross is testing the 20-Day EMA (€0.5995), a key level for bulls.

  • We sit at €0.5995/0.6000 in early trade this morning.
  • Bulls immediate focus is on sustaining a break of the 20-Day EMA which opens €0.6078 (high from 6 Nov), and the 200-Day EMA (€0.6115).
  • Technically the pair remains in a downtrend, bears now target 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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