During yesterday’s trading session EUR/AUD traded within the range of 1.4642-1.4746 and closed at 1.4713.
At 6:34 GMT today EUR/AUD was losing 0.12% for the day to trade at 1.4692. The pair touched a daily low at 1.4645 at 1:30 GMT, breaching the first key support.
Fundamental view
The final reading of Germany’s Services PMI in May probably met the preliminary value at 56.4. The official reading is to be released at 7:55 GMT.
The final reading of Euro zone’s Services PMI probably coincided with the preliminary value of 53.5 last month. In case market expectations are exceeded, this will boost demand for the single currency. Markit Economics will report the official value at 8:00 GMT.
In addition, Euro zone’s final annualized Gross Domestic Product probably expanded 0.9% during the first quarter of 2014, compared to a year ago. The quarterly GDP in the region probably rose 0.2% in Q1, after a 0.2% increase in the final three months of 2013. In case region’s economy expands more than expected, the single currency would receive support. Eurostat is to publish the official report at 9:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/AUD manages to breach the first resistance level at 1.4759, it will probably continue up to test 1.4804. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4863.
If EUR/AUD manages to breach the first key support at 1.4655, it will probably continue to slide and test 1.4596. With this second key support broken, the movement to the downside will probably continue to 1.4551.
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