EUR/AUD fundamental analysis for April 5, 2017

EUR/AUD has been in a volatile structure lately and still residing in the volatility. Today EUR had a good amount of negative economic reports which helped AUD to gain some strength over it. Today, Italian Services PMI was published at 52.9 which was expected to be at 54.3, French Final Services report was published at 57.5 which was expected to be at 58.5 and Final Services PMI in the Eurozone was also showed a decreased value at 56.0 which was expected to be at 56.5. Though some news was neutral for EUR like Spanish Services PMI at 57.4 which was expected to be at 57.2 and German Final Services PMI was unchanged at 55.6 which was equal to the expected figure. On the other hand, AUD had AIG Service report which showed an improved result of 51.7 which previously was at 49.0. Today the movement was quite non-dominant but in favor of AUD against EUR. A daily close in this pair will enclose the future moves in this pair.

Now let us look at the technical view, the price is currently below the important resistance level of 1.4130. As the price remains below 1.4130 resistance, there will be bearish bias and we will always be looking forward to sell with a target towards the support area of 1.3680 to 1.3730. On the other hand, if the price breaks above the resistance level of 1.4130 with a daily close then we will shift our bias to bullish with an upward target towards 1.4290.

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