May. 7, 2021
More of the same: on the back of 8 days of trading sideways Today's session so far looks to be heading in a similar way – EUR/AUD price varies between 1.5469 and 1.5553 and settles at 1.5506.
This in-between state for EUR/AUD is reflected by market data published as Released today at 7:30 PM, Australia's CFTC AUD speculative net positions showed an uptick coming in at 1,500, up from the previous number of -1,400. Released today at 7:30 PM, Euro Zone's CFTC EUR speculative net positions showed an uptick coming in at 84,800, up from the previous number of 81,000. Released today at 6:45 AM, France's Non-Farm Payrolls (QoQ) (Q1) showed an uptick coming in at 0.3, up from the previous number of -0.1.
As the day reaches an end, a chart visual study suggests EUR/AUD might start to recover soon because it is getting close and is now only 68 pips from the support line at 1.5437, Obviously, dipping below it could be an indication that further losses are ahead. In terms of trend indicators, we can see that at 1.5512, EUR/AUD made an initial breakout above the 50 day Simple Moving Average, an indication of a positive trend. On the other hand, note that the upper Bollinger band is at 1.5642, indicating a downward move might be next.
Overall, looking at the technical analysis landscape, it seems EUR/AUD might be pointing upward in the short term.
Meanwhile, mixed performances are seen elsewhere as the Singapore Dollar dropped by 0.61%, its largest single-day drop since May 2020. EUR/CAD hits a 1 year low, as it drops to 1.4649
