EUR/AUD is currently quite impulsive inside the bearish bias which has lead the price at the edge of 1.6050 area. EUR has been the dominant currency in the pair, which is following the overall bullish trend. However, as the reports from Australia supported the bearish price swings in the pair, certain counter pressure is being observed now.
EUR is struggling to gain momentum over AUD amid the mixed economic reports which lead to indecision for a certain period, evolving into bearish pressure. Today French Consumer Spending report was published with an increase to 0.8% from the previous value of 0.1% which was expected to be at 0.3%, French Prelim CPI decreased to -0.2% from the previous value of 0.5% which was expected to increase to -0.1%, Spanish Flash CPI report was published unchanged as expected at 2.2%, and German Unemployment Change revealed upbeat figure with a decrease to -23k from the previous figure of -10k which was expected to be at -9k.
On the AUD side, the economic calendar contains few macroeconomic reports from Australia throughout the week. Today AUD Private Sector Credit report was published with an increase to 0.5% which was expected to be unchanged at 0.4%.
Meanwhile, positive economic report fro Australia helped the currency to regain momentum while EUR is still struggling amid the mixed and indecisive economic data. In the coming days, if Australia manages to publish better economic reports, further gain on the AUD side is expected.
Now let us look at the technical view. The price is currently residing at the edge of 1.6050 area from where a certain bearish momentum is expected to lead the price towards 1.5900 support area before the price may bounce higher in the process. The long-term trend is still bullish and after certain correction the bullish trend is expected to continue to push price much higher. As the price remains above 1.5900, the bullish bias is expected to continue in this pair while being pressurized by the bears in the process for a certain period.
SUPPORT: 1.6050, 1.5900
RESISTANCE: 1.6350
BIAS: BEARISH
MOMENTUM: IMPULSIVE
