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Forex: EUR/AUD above 1.23 pre-RBA

FXstreet.com (Barcelona) - With the two central banks of Australia and Europe meeting in this same week ahead, though the RBA being first in few hours time at 03:30 GMT today and ECB on Thursday, EUR/AUD seems to have found some bids at the 61.8% Fibo retrace of daily up leg 1.16/1.32 around 1.2222 weekly lows last week, and lowest since mid Nov, trading last 100 pips above it, at 1.2326, a +0.21% higher for the week so far.

The cross has had an impressive run lower from early Feb highs around the 1.32 level, highest since late 2011, losing almost a -7% in those two months period. Part of the move comes in the back of massive Euro outflows coming from emerging markets into triple A Australian dólar, as reported recently on FT. For the RBA meeting ahead, all 28 economist surveyed by Bloomberg expect a no move by the central bank, though still some dovish bias might come out from the statement. Some analysts are already calling for the end of the easing cycle in Australia.

Immediate support tot the downside for EUR/AUD lies at yesterday's weekly lows 1.2280, followed by Friday's/March 25 lows at 1.2270, and double weekly low Wed/Thurs at 1.2222. To the upside, closest resistance shows at yesterday's highs/March 22 lows 1.2345, followed by March 19/20 lows at 1.2395, and March 14 lows/March 22 highs at 1.2467.

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