EUR/AUD PRICE FORECAST: CLIMBS AS TRADERS EYE 1.6300 AND AWAIT AUSSIE JOBS DATA
- EUR/AUD recovers from daily lows, and traders await the October job report in Australia.
- Technical stance shows EUR/AUD near key support; a drop below 1.6238 could target 1.6200 and lower supports.
- Upside potential exists with resistance at 50-day, 100-day, and 200-day SMAs at 1.6315, 1.6356, and 1.6386 respectively.
The shared currency stages a recovery against the Aussie Dollar on Wednesday, printing gains of over 0.18%, as traders await Australia’s job report. At the time of writing, the EUR/AUD trades at 1.6284 after hitting a daily low of 1.6238.
The Australian Bureau of Statistics (ABS) will reveal employment figures for October. The Employment Change is estimated to have created 25K jobs, below September’s outstanding 64.1K, with the Unemployment Rate expected to remain at 4.1%.
EUR/AUD Price Forecast: Technical outlook
The EUR/AUD is neutral to downward biased after the cross plunged below the 200, 100, and 50-day Simple Moving Averages (SMAs), within a confluence zone at around 1.6315/86. Although the exchange rate aimed higher during the last three days, a drop below the November 13 low of 1.6238 could pave the way for 1.6200. A breach of the latter will expose intermediate support at 1.6161, the latest cycle low reached on November 7, followed by the year-to-date (YTD) low of 1.6003.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.