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EUR/AUD has been downward sloping since last week after the break of support 1.4130 and currently found support at 1.3280 yesterday. Recently AUD employment change was positive at 13.5K which was expected 9.7K as well as Unemployment Rate was also decreased to 5.7% which was expected to be 5.8. With all the fundamental advantages AUD failed to put pressure on EUR because of ECB Monetary meeting minutes discussing the further progress in EUR as well as a positive discussion on Interest rate. Today EUR Current Account report was also positive with 31B which was expected to be 28.7B. Currently it is the time for EUR to dominate AUD in fundamental perspective.
Now let us look at the technical view, the price has bounced off from the support at 1.3280 and with a bullish engulfing price action, bulls have already shown their presence from the level. Currently the price is expected to rise toward 20 EMA resistance 1.40 and later at horizontal resistance 1.41. Currently the bias is bullish and no bearish price action is expected to occur until 20 EMA touched.
The material has been provided by InstaForex Company – www.instaforex.com