EUR/AUD has been impulsively bearish recently after breaking below 1.4880 level. After the FED Chairman Yellen made comment about inflation data yesterday, AUD has gained well over all AUD based currency pairs. Today AUD MI Inflation Expectations report was posted which showed a rise to 4.4% from the previous value of 3.6% which resulted to further gains in the AUD side today. On the EUR side, today German Final CPI report was published with an unchanged actual figure at 0.2% and French Final CPI report was also published with an unchanged actual figure at 0.0%. The unchanged figures failed to provide sufficient push to the EUR to gain against AUD today which resulted to further bearish impulsive move in this pair today. As the pressure remains, AUD is the expected to gain further against EUR in the coming days.
Now let us look at the technical view, the price has recently broken below the 1.4880 yesterday and it was also retested as a resistance today. Currently the price is impulsively bearish which has already engulfed recent bullish price actions. As the price remains below 1.4880, further bearish move towards 1.4500 is expected in the coming days. The bearish bias is expected to continue until price breaks above 1.4900 with a daily close.
