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Ticks Away From 20-Day EMA

AUD

AUD/EUR ticked away from the 20-Day EMA (€0.6149) yesterday, the AUD underperformed its G-10 peers as firmer US Tsy Yields weighed.

  • The pair fell ~0.3% and last prints at €0.6130/35.
  • Bears look to break below the low from June 28 (€0.6041) which opens up year to date lows at €0.5959. €0.5867 the 50% retracement of the 2020-2022 Bull leg is the next downside support level.
  • On the upside bulls first target a break of the 20-Day EMA (€0.6149), this opens the high from 21 June at €0.6227 and the 200-Day EMA (€0.6298).
  • On the wires today we have Australian Trade Balance, a surplus of $10.9bn is expected, and German Factory Orders which are expected to rise 1.0% M/M in May.

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