Forex Market: EUR/AUD daily forecast

During yesterday’s trading session EUR/AUD traded within the range of 1.4434-1.4561 and closed at 1.4498.

At 6:22 GMT today EUR/AUD was gaining 0.04% for the day to trade at 1.4491. The pair touched a daily high at 1.4502 at 00:50 GMT.

Fundamental view

Spain’s annualized index of consumer prices (CPI) probably rose 0.1% in June, after adding 0.2% in the previous month. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. In case the CPI jumps more than projected, this would have a bullish effect on the euro. The National Institute of Statistics will release its official report at 7:00 GMT.

At the same time, the Spanish final annualized CPI, evaluated in accordance with Eurostat’s harmonized methodology, probably remained unchanged last month, matching the preliminary estimate, released on June 13th.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/AUD manages to breach the first resistance level at 1.4561, it will probably continue up to test 1.4625. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4688.

If EUR/AUD manages to breach the first key support at 1.4434, it will probably continue to slide and test 1.4371. With this second key support broken, the movement to the downside will probably continue to 1.4307.