Fundamental Analysis of EUR/AUD for January 26, 2018
January 26, 2018 6:22 am
EUR/AUD has recently bounced off the 1.55 event area after the EUR Minimum Bid Rate report was published as expected. EUR has been the dominant currency in the pair whereas AUD is currently trying to gain momentum. Recently EUR Minimum Bid Rate report was published unchanged as expected at 0.0% and ECB Press Conference was also quite neutral so support any impulsive gains over AUD. Today, EUR M3 Money Supply report is going to be published which is expected to be unchanged at 4.9% and Private Loans is expected to increase to 2.9% from the previous value of 2.8%. On the other hand, today AUD has no economic reports or events due to the observance of the Australia day for which certain corrections and losing of grounds against EUR can be observed. As of the current scenario, AUD is expected to gain momentum in the coming days as positive economic reports of EUR could not quite provide much impulsive momentum as expected which does indicate the weakness of EUR in the process.
Now let us look at the technical view, price is currently residing below the resistance area of 1.55 from where it is expected to proceed lower towards 1.51 support area in the coming days. Though the price action is currently quite volatile but the corrective momentum below 1.55 provides hint of good bearish pressure probability. As the price remains below 1.55 with a daily close the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/AUD has recently bounced off the 1.55 event area after the EUR Minimum Bid Rate report was published as expected. EUR has been the dominant currency in the pair whereas AUD is currently trying to gain momentum. Recently EUR Minimum Bid Rate report was published unchanged as expected at 0.0% and ECB Press Conference was also quite neutral so support any impulsive gains over AUD. Today, EUR M3 Money Supply report is going to be published which is expected to be unchanged at 4.9% and Private Loans is expected to increase to 2.9% from the previous value of 2.8%. On the other hand, today AUD has no economic reports or events due to the observance of the Australia day for which certain corrections and losing of grounds against EUR can be observed. As of the current scenario, AUD is expected to gain momentum in the coming days as positive economic reports of EUR could not quite provide much impulsive momentum as expected which does indicate the weakness of EUR in the process.
Now let us look at the technical view, price is currently residing below the resistance area of 1.55 from where it is expected to proceed lower towards 1.51 support area in the coming days. Though the price action is currently quite volatile but the corrective momentum below 1.55 provides hint of good bearish pressure probability. As the price remains below 1.55 with a daily close the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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