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22 May 2014
EUR/AUD facing key data releases
FXStreet (Guatemala) - EUR/AUD is trading at 1.4805, up 0.08% on the day, having posted a daily high at 1.4811 and low at 1.4789.
EUR/AUD is exponential closing price for the past 20 days is 1.4778, with the trend indicating a rangebound movement ahead. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.
EUR/AUD data flows
From the calendar, the HSBC preliminary manufacturing PMI is released in China for May is released which may have an impact on the AUD, while in European markets we will get the preliminary PMIs in Germany, France, and the Euro-area.
Strategists at RBS explained the ECB looks likely to ease monetary policy at its June meeting and the EUR is trading heavy this week as expectations for easing are further priced. “We are modestly above the consensus expecting the composite PMI to rise to 54.2 in May, but a disappointment in PMIs may keep the pressure on EUR longs and further cement easing expectations. Still, while the timing of an ECB move in June has been strongly signaled, it is still unclear which of the variety of options in the ECB's toolkit the Bank will use. Only one ECB Governing Council member, Bank of Spain's Line, is due to speak tomorrow”.
EUR/AUD Levels
Current price is 1.4807, with resistance ahead at 1.4811 (Daily High), 1.4817 (Hourly 20 EMA), 1.4824 (Weekly High), 1.4838 (Weekly Classic R2) and 1.4872 (Daily Classic R1). Next support to the downside can be found at 1.4794 (Daily Open), 1.4790 (Yesterday's Low), 1.4789 (Daily Low), 1.4779 (Daily Classic PP) and 1.4778 (Daily 20 SMA).
EUR/AUD chart levels
Looking at price patterns, we can see a Shooting Star 1-hour candlestick formation.
EUR/AUD is exponential closing price for the past 20 days is 1.4778, with the trend indicating a rangebound movement ahead. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.
EUR/AUD data flows
From the calendar, the HSBC preliminary manufacturing PMI is released in China for May is released which may have an impact on the AUD, while in European markets we will get the preliminary PMIs in Germany, France, and the Euro-area.
Strategists at RBS explained the ECB looks likely to ease monetary policy at its June meeting and the EUR is trading heavy this week as expectations for easing are further priced. “We are modestly above the consensus expecting the composite PMI to rise to 54.2 in May, but a disappointment in PMIs may keep the pressure on EUR longs and further cement easing expectations. Still, while the timing of an ECB move in June has been strongly signaled, it is still unclear which of the variety of options in the ECB's toolkit the Bank will use. Only one ECB Governing Council member, Bank of Spain's Line, is due to speak tomorrow”.
EUR/AUD Levels
Current price is 1.4807, with resistance ahead at 1.4811 (Daily High), 1.4817 (Hourly 20 EMA), 1.4824 (Weekly High), 1.4838 (Weekly Classic R2) and 1.4872 (Daily Classic R1). Next support to the downside can be found at 1.4794 (Daily Open), 1.4790 (Yesterday's Low), 1.4789 (Daily Low), 1.4779 (Daily Classic PP) and 1.4778 (Daily 20 SMA).
EUR/AUD chart levels
Looking at price patterns, we can see a Shooting Star 1-hour candlestick formation.