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Jul. 6, 2022

Losing streak continues: Euro-Aussie dollar down 89 pips to 1.5015 adding to its four days of losses

Live - Updated 19 minutes ago.

Euro-Aussie dollar recovering almost all the way back to 1.5104 today, after dipping down to 1.5013.

Nonetheless, encouraging indicators for Euro-Aussie dollar published earlier when Australia RBA Interest Rate Decision (Jul) matches expectations with new data release of 1.35. This is also a step forward from the previous data of 0.85.

Meanwhile, Australia Retail Sales (MoM) matches projections with new data release of 0.9. The indicator value is unchanged and is the same as previous data of 0.9. Data for Germany 10-Year Bund Auction was released today at 9:30 AM suggests a downwards trend with 1.22, while previous data was 1.33.

Concerning technical analysis and more specifically, trend indicators, EUR/AUD made an initial break below its 21 day Simple Moving Average at 1.5086, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger bands shows an indication of recovery: the lower band is at 1.4914, a low enough level to, generally, suggest that Euro-Aussie dollar is trading below its value. Visual analysis of Euro-Aussie dollar's chart shows that Euro-Aussie dollar's nearest support level is at 1.4661.

All in all, the technical analysis suggests Euro-Aussie dollar has no clear-cut direction.

In the meantime, negative performances are seen in other pairs, the Euro is currently exploring fresh lows at 1.0212, last seen around 5 years ago. EUR/CAD is currently setting record lows around 1.3315 — levels not seen in the market for approximately 7 years.

Positive performances can be seen by looking at other currencies as for the first time in 2 years, USD/SGD went above the 1.4 level.

Some optimism can drawn from the fact that Euro Zone ECB Publishes Account of Monetary Policy Meeting scheduled to come out tomorrow at 11:30 AM.

The market will keep its eye on the following upcoming macroeconomics indicators: Germany's new Industrial Production (MoM) (May) data will be available tomorrow at 6:00 AM. Data is expected to decline to 0.4 from its previous value of 0.7. Australia Trade Balance (May) is projected to rise to 10.72 billion, beating the previous 10.49 billion figure. Official data is expected tomorrow at 1:30 AM.

Having set a marker at a trough of 1.4379 around 3 months ago, Euro-Aussie dollar is now trading 5.04% above this level.

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Week to date

Euro-Aussie dollar is trading around 1.5015, after closing the previous week at 1.5015 (down 0%) .

Trading week at a glance - EUR/AUD is up to 1.5015, after closing yesterday at zero. Overall, a 0% move or 15,014 pips this week. (Start trading Euro-Aussie dollar at FXTM today).

Uptick comes while some more positive signs for Euro-Aussie dollar are out as Australia RBA Interest Rate Decision (Jul) matches expectations with new data release of 1.35. This is also a step forward from the previous data of 0.85.

On the flip side, Euro Zone CPI (YoY) (Jun) comes out at 8.6, better than analyst estimates of 8.4 and improving upon the previous reading of 8.1. Data for Germany Unemployment Change (Jun) released Thursday comes out at 133,000, beating projections of -6,000 and showing improvement over the preceding figure of -4,000.

Meanwhile, Australia Retail Sales (MoM) matches projections with new data release of 0.9. The indicator value is unchanged and is the same as previous data of 0.9. Germany 10-Year Bund Auction is released with a new figure of 1.22, this is down from preceding data of 1.33.

Outlook for rest of the week: Positive Euro-Aussie dollar indicators are expected going forward as Euro Zone ECB President Lagarde speech is scheduled for Friday. Euro Zone ECB Publishes Account of Monetary Policy Meeting scheduled to come out tomorrow at 11:30 AM.

The market is looking forward to the release of new data: Spain's new HICP (YoY) (Jun) data will be available Wednesday. Data is expected to decline to 8.5 from its previous value of 10.