EUR/AUD has shown a bullish impulsive momentum yesterday after the recent bearish trend which took the price towards the support level of 1.4500. Yesterday AUD Employment Change report was published with a decreased figure at 14.0k from the previous figure of 38.0k which was expected to be at 14.4k, Unemployment Rate was unchanged at 5.6% and NAB Quarterly Business Confidence was also published with an unchanged figure at 7. On the EUR side, yesterday Minimum Bid Rate was unchanged at 0.0% but the ECB Conference was hawkish in nature discussing Monetary policy, recent Interest Rate, the overall Economic Outlook, and Inflation. After the ECB press conference, the EUR has gained quite rapidly over AUD which is still intact and expected to continue further in the coming days. Today AUD RBA Assist Gov. Debelle and Bullock is going to speak about the future policy shifts and interest rates which are expected to be quite hawkish in nature. Despite the AUD economic events today EUR is expected to gain further against AUD in the short and medium term before proceeding further with the bearish trend in this pair.
Now let us look at the technical view, the price has recently shown impulsive bullish movement which may lead to further bullish pressure in this pair towards the resistance area of 1.4880-1.5100. As the price has bounced off the support level of 1.4500 yesterday there is a higher chance of price going for some bullish movement in the coming days. If we see any bullish rejection off the resistance area in the future then we will be looking forward more proceeding with the bearish trend with a target towards 1.4500 and further towards 1.3730.
