EUR/AUD moves to 1.5855 ahead of Australia Consumer Price Index
Live - Updated 75 minutes ago.EUR/AUD weakened earlier in the day, before moving off the 1.5846 low and recovering almost back to 1.5855.
- Australia Consumer Price Index data will be released tomorrow at 12:30 AM, with an expected decline to one. EUR/AUD reaction to indicator information will follow.
- Today's down move comes after a 3 day uptrend, during which EUR/AUD added 1.35% to its value.
Earlier data releases related to EUR/AUD – data for Euro Zone Manufacturing PMI released today at 9:00 AM comes out at 59, beating projections of 57.5 and showing improvement over the preceding figure of 58. Euro Zone Services PMI fall short of the 52.2 projections, with 51.2 and continued its downward trajectory from previous figure of 53.1.
Technical analysis of EUR/AUD before data is released:
As the day reaches an end a chart visual study suggests EUR/AUD might start to recover soon because it is getting close to its support line— now only 120 pips away at 1.5735. Dipping below could be an indication that further losses are ahead. In terms of trend indicators, we can see that although down today, it's worth noting that in earlier trading EUR/AUD peaked above the 1.5856 200 day Simple Moving Average, usually an indication that a positive move might be approaching. The CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. In contrast, EUR/AUD's upper Bollinger band at 1.588, indicating a further downward move might be next.
EUR/AUD might continue its recent uptrend in the short term, according to technical analysis.
Coming up for EUR/AUD — Australia Consumer Price Index is projected to outperform its last figure with one. It previously stood at 0.8; data will be released tomorrow at 12:30 AM. Germany Business Climate Index figure is projected at 94.7. It previously stood at 94.7; data will be released tomorrow at 9:00 AM.
As the markets get ready for more data to be released — EUR/NZD traded above the 1.69 level for the first time in 5 months and a half. USD/HKD trades close to 7.7864, with no major change. USD/CHF is trading around 0.9147 after ending Friday's session at 0.9133 (up 0.15% today).
EUR/AUD has increased 1.02% this year. The asset has been trading sideways for the past a month.
