EURAUD exchange rate looking for directional cues, and in a range while it does so

Forex traders could argue that the EURAUD exchange rate encapsulates global trade and the sentiment around it.

The Aussie dollar has strengthened against its US counterpart during Covid but the trend versus the Euro in that period has been less pronounced.

At its current levels of 1.5796, the rate is bang in the middle of a series of key moving averages with the 200 day MA just above at 1.58945 and the 20 and 50-period lines just below at 1.57433 and 1.56310 respectively.

The one-month low for the pair is at 1.56007 and the one-month high is up at 1.58507.

EURAUD Analysis & Forecast

You get the sense that we are waiting for a catalyst to create the next move in EURAUD. despite the fact that technically it’s considered to be a strong bull, with medium to long term potential upto 1.64.

However, to get there we will need to see the one-month high taken out and EURAUD just hasn’t felt comfortable anywhere near 1.5850, since the middle of May. In the absence of the aforementioned catalyst, we could remain range-bound for the near term and perhaps for the rest of the summer.

Compare Vetted Investing, Trading & Currency Accounts

Investing AccountsTrading PlatformsCurrency Transfers
Compare Investment Accounts

Compare Investment Accounts

Compare Trading Platforms

Compare Trading Platforms

Compare Currency Brokers

Compare Currency Brokers

Trading Risk Warning

ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”