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FOREX: EURAUD Resumes Strengthening Trend

FOREX
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  • Australian dollar weakness continues to stand out on Thursday as US equities/global sentiment remains in pessimistic territory. Despite EURAUD breaking a 13-day winning streak yesterday, today’s resumption of AUD weakness has provided some renewed bullish impetus for the cross, which tracks back towards 1.7275 ahead of the APAC crossover.
  • This keeps bullish conditions firmly intact, with levels around 1.7400 representing the highest since the onset of the pandemic in 2020.
  • We noted earlier that the Melbourne Institute’s consumer inflation expectations reversed sharply lower in March with a 1pp decline to 3.6%. This was the lowest reading since Covid-impacted August 2021 and is now down around 3pp from June 2022’s peak, assisting the bearish AUD sentiment. Initial support for EURAUD moves up to 1.6917, the 20-day EMA.
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  • Australian dollar weakness continues to stand out on Thursday as US equities/global sentiment remains in pessimistic territory. Despite EURAUD breaking a 13-day winning streak yesterday, today’s resumption of AUD weakness has provided some renewed bullish impetus for the cross, which tracks back towards 1.7275 ahead of the APAC crossover.
  • This keeps bullish conditions firmly intact, with levels around 1.7400 representing the highest since the onset of the pandemic in 2020.
  • We noted earlier that the Melbourne Institute’s consumer inflation expectations reversed sharply lower in March with a 1pp decline to 3.6%. This was the lowest reading since Covid-impacted August 2021 and is now down around 3pp from June 2022’s peak, assisting the bearish AUD sentiment. Initial support for EURAUD moves up to 1.6917, the 20-day EMA.