During yesterday’s trading session EUR/AUD traded within the range of 1.4312-1.4446 and closed at 1.4344.
At 6:45 GMT today EUR/AUD was losing 0.45% for the day to trade at 1.4268. The pair touched a daily low at 1.4260 at 1:40 GMT, breaching the first key support.
Fundamental view
The preliminary value of the compound index of economic sentiment (ESI) for the Euro zone probably worsened to a reading of -7.5 during the current month from -7.4 in June. This survey precedes the final reading by two weeks. A larger than projected improvement in the index would provide support to the 18-nation common currency.
The European Commission is due to publish an official report at 14:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.4367. In case EUR/AUD manages to breach the first resistance level at 1.4423, it will probably continue up to test 1.4501. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4557.
If EUR/AUD manages to breach the first key support at 1.4289, it will probably continue to slide and test 1.4233. With this second key support broken, the movement to the downside will probably continue to 1.4155.
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