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Euro/Australian Dollar (EUR/AUD) Exchange Rate
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The EUR/AUD has completed a breakout above its support zone which is located between 1.59054 and 1.6012, marked by the grey rectangle in the chart.
The Euro initially fell against the Australian dollar on Wednesday, but we bounced off of the 1.45 level below.
The Aussie Dollar took the lead among the major currencies after the Reserve Bank of Australia left interest rates unchanged.
Traders tend to focus on the here and now of price movements, watching a range of currency pairs and picking whichever ones look most active or technically interesting to trade.
The Aussie Dollar lost more ground against the U.S. Dollar during Tuesday’s trading session in London, moving closer to a 4-year trough that had been struck earlier this year.
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The EUR/AUD pair had a very positive session on Tuesday, but as you can see we are coming up upon what used to be significant support at the 1.42 level.
Though Mario Draghi has been adding fuel to existing speculation that the ECB could shift to an even more accommodative stance, the Finance Minister of Germany, Wolfgang Schaeuble, has been downplaying just such a possibility, dismissing the ECB chief’s comments at the Jackson Hole central bankers’ symposium as “over-interpreted” by analysts.
The EUR/AUD pair is in one that a lot of you will trade, which is a mistake quite frankly as they are both major currencies. Everybody knows of the Euro has been selling off drastically lately, so it’s not a surprise to see it falling against the Australian dollar as well.
Expectations continue to grow higher that the European Central Bank is poised to provide additional accommodation which will further weaken the Euro; as a result, in preparation for that likelihood, the Euro fell broadly in Asian trading.
Yesterday’s disappointing outcome on German inflation data sent the Euro tumbling broadly and has led to speculation that today’s release of the Euro area figures are likely to also come with a downside surprise.
Upbeat economic data from the Eurozone area left investors speculating that the European Central Bank might reconsider its recent rhetoric and hold tight on rhetoric about additional stimulus.
The bearish run on the AUD that has been ongoing since around March has resulted in an uptrend on other pairs, such as the EUR/AUD.
Building Approvals was the catalyst for further AUD weakness with the numbers falling from the previous -4.3 to the current -6.9...this is significant because they were predicting a positive 2.2 and instead saw a further decline in Building Approvals and the AUD fell dramatically as a result.
The EUR/AUD pair has been climbing since the end of March/early April of this year when the Australian Dollar began to weaken and began its bearish trend.
The EUR/AUD pair is currently testing the 50% level of Fibonacci. Get the Forex signal here before you begin your weekend.
After the European Central Bank’s meeting last week with some influence from Japan’s fresh stimulus injection, EUR/AUD gained much strength to counter its recent downward trend. Get the weekly outlook for this pair here.
The Euro held close to a 4-month trough against the greenback after investors fears were ratcheted up a notch in the wake of the Cypriot bailout deal. The concern is that future bailout terms for other highly indebted Eurozone nations might include such onerous conditions as those currently seen in Cyprus which includes taxes on bank deposits.
Looks like EUR/AUD finished its recent correction. See what this means in a free signal from DailyForex.com.
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