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EUR/AUD back in mid-1.43 on Aussie strength

FXStreet (Moscow) - EUR/AUD  spiked to 1.4447 early in Asia, but the upside proved to be unsustainable as the cross retreated towards its current level of 1.4341 on the back of Aussie strength.

EUR/AUD has been driven mainly by Aussie factors lately. This morning the cross has been pretty volatile, moving within a large 110-pip range. Poor Australian trade balance data put Aussie under pressure, but the reaction was short-lived as investors were focused on RBA monetary policy decision. The central bank chose to leave both policy and rhetoric unchanged, but investors liked the phrase about a period of stability in interest rates and pushed Aussie higher across the board. Later during the day the cross may be influenced by EZ economic growth forecasts released by European Commission as lowered forecasts are likely to weight on EUR and press the cross towards 1.4300 and 1.4287 (yesterday’s open). Once the above said support levels are cleared the downside may extend towards 1.4220. The resistance is seen at 1.4382 (Asian opening), 1.4400 and 1.4447 (Asian high).

What are today’s key EUR/AUD levels? 

Today's central pivot point can be found at 1.4344, with support below at 1.4301, 1.4229 and 1.4186, with resistance above at 1.4416, 1.4459 and 1.4531. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.4370 and the daily 20EMA bearish at 1.4406. Hourly RSI is bullish at 51.

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