Euro remained under the bearish pressure against the Aussie Dollar, and traded towards 1.5500.
There is a major breakout pattern forming on the hourly chart of the EURAUD pair pointing towards a break.
The minutes of the Reserve Bank of Australia meetings were released earlier during the Asian session which failed to leave an impact on the Aussie Dollar.
EURAUD Technical AnalysisThe Euro recovered to some extent after trading as low as 1.5501 against the Aussie Dollar. There is a contracting triangle pattern formed on the hourly chart of the EURAUD pair that acted as a support and prevented downsides.Currently, the pair is struggling to clear the 100 hourly simple moving average which is acting as a hurdle for the pair. Moreover, the triangle upper trend line is also above the 100 MA. So, we can say that there is a major resistance formed near 1.5630-60.There might be a break moving ahead and it would be interesting to see which way the pair moves in the near term.RBA Meeting MinutesEarlier during the Asian session, the minutes of the Reserve Bank of Australia meetings that give a full account of the policy discussion, including differences of view were published. The minutes were towards the positive side for the Aussie Dollar, as there was a note that the central bank was not planning to decrease the rates further. They see the current rates appropriate and supportive.Summing it up there was a mention that “the Board judged that it was appropriate to leave the cash rate unchanged at this meeting. Information about economic and financial developments, both domestically and abroad, would continue to inform the Board's assessment of the outlook and whether the current stance of policy remained appropriate to foster sustainable growth and inflation consistent with the target”.Overall, we can see some moves in the Aussie Dollar towards the upside if bulls get into the action. It also means there is a chance of a move lower in the EURAUD pair in the short term.German PPIToday in the Euro Zone, the German Producer Price Index will be released by the Statistisches Bundesamt Deutschland. The forecast is of a 0.1% decline in September 2015. If there is a miss in the result, then there is a possibility of the Euro moving lower.
Currently, the pair is struggling to clear the 100 hourly simple moving average which is acting as a hurdle for the pair. Moreover, the triangle upper trend line is also above the 100 MA. So, we can say that there is a major resistance formed near 1.5630-60.There might be a break moving ahead and it would be interesting to see which way the pair moves in the near term.RBA Meeting MinutesEarlier during the Asian session, the minutes of the Reserve Bank of Australia meetings that give a full account of the policy discussion, including differences of view were published. The minutes were towards the positive side for the Aussie Dollar, as there was a note that the central bank was not planning to decrease the rates further. They see the current rates appropriate and supportive.Summing it up there was a mention that “the Board judged that it was appropriate to leave the cash rate unchanged at this meeting. Information about economic and financial developments, both domestically and abroad, would continue to inform the Board's assessment of the outlook and whether the current stance of policy remained appropriate to foster sustainable growth and inflation consistent with the target”.Overall, we can see some moves in the Aussie Dollar towards the upside if bulls get into the action. It also means there is a chance of a move lower in the EURAUD pair in the short term.German PPIToday in the Euro Zone, the German Producer Price Index will be released by the Statistisches Bundesamt Deutschland. The forecast is of a 0.1% decline in September 2015. If there is a miss in the result, then there is a possibility of the Euro moving lower.
Currently, the pair is struggling to clear the 100 hourly simple moving average which is acting as a hurdle for the pair. Moreover, the triangle upper trend line is also above the 100 MA. So, we can say that there is a major resistance formed near 1.5630-60.There might be a break moving ahead and it would be interesting to see which way the pair moves in the near term.RBA Meeting MinutesEarlier during the Asian session, the minutes of the Reserve Bank of Australia meetings that give a full account of the policy discussion, including differences of view were published. The minutes were towards the positive side for the Aussie Dollar, as there was a note that the central bank was not planning to decrease the rates further. They see the current rates appropriate and supportive.Summing it up there was a mention that “the Board judged that it was appropriate to leave the cash rate unchanged at this meeting. Information about economic and financial developments, both domestically and abroad, would continue to inform the Board's assessment of the outlook and whether the current stance of policy remained appropriate to foster sustainable growth and inflation consistent with the target”.Overall, we can see some moves in the Aussie Dollar towards the upside if bulls get into the action. It also means there is a chance of a move lower in the EURAUD pair in the short term.German PPIToday in the Euro Zone, the German Producer Price Index will be released by the Statistisches Bundesamt Deutschland. The forecast is of a 0.1% decline in September 2015. If there is a miss in the result, then there is a possibility of the Euro moving lower.