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Sitting On The 20-Day EMA

AUD

AUD/EUR firmed yesterday, in its strongest day since 31 Jul, as softer EU Services PMI weighed on the EUR and risk appetite improved after the latest flash PMIs from the US.

  • The pair is sitting on its 20-Day EMA (€0.5962) in early dealing on Thursday. The pair is ~1.8% above cycle lows seen last week.
  • Bulls look to sustain a break of the 20-Day EMA which opens the €0.60 handle and the high from Aug 1 at €0.6115.
  • On the downside bear's 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.

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