The EURAUD price has traded through a key resistance level. Could this see the price trade towards the next level of 1.6200?
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The EURAUD price has traded through monthly resistance showing potential to trade higher. Fundamentally, we have AUD employment data out tomorrow which is forecast to show a decrease from 35k to 25k. This alongside the recent slowdown in tightening from the RBA we could expect AUD weakness to continue. In Europe investors are anticipating a 50-75bps hike from the ECB which is keeping the EUR strong currently.
The price has recently traded through the 1.5400 resistance and if we were to see a monthly close above this level we could assume the price could be trading towards the 1.6200 level. On the daily chart we can see that the price is forming low ranging candles at the key resistance level. This could often see a breakout move higher. On the 4hr chart we can see that the price is consolidating highlighting the possibility of a breakout move forming.
Did you see our AUDUSD Analysis? You can see it here.
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