Global macro overview for 08/04/2016:
The ECB released the minutes of its March policy meeting. The regulator implemented several significant monetary steps, including lowering all three of its interest rates and increasing its asset-purchase program (QE) from EUR 60 billion to 80 billion/mth. Moreover, the main refinancing rate was cut from 0.05% to a flat 0.0%. Besides, the ECB has pumped some EUR 700 billion into its asset-purchase program. Nevertheless, the results are disappointing, as eurozone continues grappling with weak growth and inflation levels. The minutes indicated that the ECB Governing Council was broadly unified behind ECB president Mario Draghi, supporting the monetary package, which the ECB adopted at the March meeting. In conclusion, the minutes acknowledged a difficult situation of the Eurozone economy, noting that the pace of recovery is expected to remain weak and uncertainties in the global economic environment will pose significant risks to eurozone.
Let's now take a look at the EUR/AUD technical picture in the daily time frame. Recently this market has hit the resistance at the level of 1.5208 trading in a narrow rising edge formation. If this formation is violated to the downside, then the bears will be in control of this market once again and they might push the prices lower towards the next important support at the level of 1.4471.
The material has been provided by InstaForex Company - www.instaforex.com