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EUR/AUD: Short Review & Forecast


Published on: 29/03/2017



The rates of the EUR/AUD are in the frames of a new upward trend which was formed a month ago. The Euro strengthened against the U.S. dollar and many other currencies, including the Australian dollar (AUD). During the last few weeks we have not received any important information that would affect the Australian currency. The data that was on the market was insufficient. The iron ore prices are stable, the price of gold is rising, but the price of copper is under pressure due to the increased volume of extraction. Positive statistics from Japan nor statements from China about plans to develop trade and economic relations with Australia couldn't impact and strengthen the Australian dollar against the Euro. Thus, we can expect that the uptrend will continue in the near future.


The Euro is on the rise these days. It's strengthened against the USD, as Donald Trump's reforms face huge resistance in the U.S. Congress which successfully blocks all possible ways. In addition, the Eurozone last week received a positive statistic that shows stability and growth in the economy of the leading EU countries. The Eurozone PMI in March achieved the record level for six years, reaching 56.7 pips. We also saw record PMI in Germany and France, separately. All this inspired investors and the EUR now seems more stable amid the USD, despite the official start of Brexit.

 

EUR/AUD, H4
Oscillators indicate different signals, but in this situation it is better to open the deals by the upward trend as the Stochastics oscillator also confirmed and indicated a good moment to open the deals to BUY.


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