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AUD being tested on recent data releases - Westpac

FXStreet (Guatemala) - Rob Rennie, analyst at Westpac Banking Corporation, ABN reminded that last week they argued that EUR/AUD was set to trend lower but now suggests that the recent run of soft Australian data has put an end to that run - for now.

Key Quotes:

“We argued for selling EUR/AUD at 1.4370”.

“However, yesterday's soft building approvals data and today's poor trade and revised employment data has seen the AUD test the lower end of the 0.8650/0.8900 range”.

“While we still see the A$ holding the lower end of the range, we had a stop on this recommendation at 1.4420 which was hit in the aftermath of the data”.
“We are therefore out of this position, though we still feel that EUR/AUD should continue to trend lower in coming weeks”.
“We remain long AUD/JPY”.

EUR/AUD testing higher grounds on 1.44 handle

EUR/AUD is trading at 1.4404, up 0.21% on the day, having posted a daily high at 1.4451 and low at 1.4356.
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