EUR/AUD stalls at resistance, AUD has been through the wars

  • EUR/AUD rallied as the Aussie dropped hard overnight.
  • EUR/AUD bulls looking for a discount as the price is meeting resistance.

EUR/AUD is trading at 1.6648 and slightly down on the session so far following a surge to the upside midweek despite the weakness in the euro.

The cross rallied from a low of 1.6461 to a high of 1.6685 where it meets technical resistance structure for which is expected to hold. 

The markets have not been kind to the commodity complex for which AUD trades as a proxy, so regardless of the French and german lockdowns, the Aussie pulled the short straw.

On the coronavirus latest, twelve US states have set records for hospitalized COVID-19 patients and Germany and France announced plans to shut down.

France had officially announced that it will go back into a nationwide lockdown overnight starting this week.

The new measures in France echo the eight-week lockdown e enforced in the spring when the hospitalisations caused by the coronavirus reached a peak.

There is more on the official announcements below:

Macron: Officially announces new lockdown measures, EUR under pressure

Commodity complex shot

Copper was down over 0.5% and West Texas Intermediate is off a whopping 4.25% in overnight trade, dragging the CRB index down by over 2.6% into the close on Wall Street. 

Additionally, which is potentially hurt the Aussie was yesterday's headline and trimmed mean measures of inflation for the third quarter.

Despite being roughly in line, the yearly wasn't so pretty, but hardly a shock. Therefore, there was no immediate reaction but the data does not bode well for the bulls.  

Headline rebounded 1.6% QoQ vs the market's expectations of 1.5%.

Meanwhile trimmed mean for the same quarter was +0.4% and slightly below the +0.5% expected. 

However, the annual print at 1.2% which was unchanged from the prior quarter is still, therefore, well below the RBA's 2-3% target band. 

While the data holds little sway over next week's RBA meeting where the central bank is expected to ease policy further, it all goes into the mix.

Looking ahead for the day, the ECB’s policy meeting is also expected to highlight these intensifying risks.

''Most forecasters expect further easing steps to wait until the December meeting which includes new forecasts. President Lagarde should strike a dovish tone today,'' analysts at Westpac explained. 

EUR/AUD price analysis

EUR/AUD Price Analysis: Price shifting towards a bullish environment

As per yesterday's analysis, the price of the cross moved into a bullish environment and bulls await a discount prior to the next bullish short-term chart impulse. 

EUR/AUD levels


Today last price 1.6643
Today Daily Change -0.0029
Today Daily Change % -0.17
Today daily open 1.6672
Daily SMA20 1.6511
Daily SMA50 1.6398
Daily SMA100 1.638
Daily SMA200 1.6662
Previous Daily High 1.6686
Previous Daily Low 1.6461
Previous Weekly High 1.6828
Previous Weekly Low 1.6486
Previous Monthly High 1.6593
Previous Monthly Low 1.6124
Daily Fibonacci 38.2% 1.66
Daily Fibonacci 61.8% 1.6547
Daily Pivot Point S1 1.6526
Daily Pivot Point S2 1.6381
Daily Pivot Point S3 1.6301
Daily Pivot Point R1 1.6752
Daily Pivot Point R2 1.6832
Daily Pivot Point R3 1.6977



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD steady above 1.2100 ahead of the Federal Reserve

The EUR/USD trades around 1.2120, unchanged on a daily basis as investors stand cautious ahead of Fed’s decision. US Retail Sales missed expectations


GBP/USD bounces off two-month lows

GBP/USD has bounced off the fresh two-month low of 1.4034 but remains depressed. The delay in Britain's reopening is outweighing upbeat UK job figures. Tension is mounting ahead of the Fed.


XAU/USD extends slide toward $1,850, eyes 200-day SMA at $1,840

After closing the first day of the week in the negative territory, gold remains on the back foot on Tuesday and was last seen trading at $1,855, where it was down 0.55% on a daily basis.

Gold News

These three cryptocurrencies look primed to test the May lows

XLM impulsiveness on bounces has been null since the beginning of June. LTC locked in a symmetrical triangle below the union of the 200-day SMA with the anchored VWAP. CHZ faces a quadfecta of resistance that may require a revolution to defeat.

Read more

Stocks ease ahead of Fed, pricing pressures grow, retail sales drop, mixed dollar

US stocks are slightly softer heading into the FOMC as the stimulus boost wanes, inflation fears grow, and the economic recovery shows signs of softening.  A wrath of US economic data delivered a somewhat mixed picture for Fed policy.

Read more