Fundamental Analysis of EUR/AUD for September 22, 2017

EUR/AUD has been quite corrective and volatile in nature recently. At present, the pair is showing some bearish pressure after being rejected off the 1.5100 resistance level. Today, the eurozone provided several upbeat economic reports. Nevertheless, AUD seems quite dominating currently. Today, French Flash Manufacturing PMI report was published with an increase to 56.0 from the previous figure of 55.8 which was expected to decrease to 55.6, French Flash Services PMI report showed an increase to 57.1 from the previous figure of 54.9 which was expected to decrease to 54.8, German Flash Manufacturing PMI report showed an increase to 60.6 from the previous figure of 59.3 which was expected to decrease to 59.0, German Flash Services PMI report showed an increase to 55.6 from the previous figure of 53.5 which was expected to have a slight increase to 53.8, EUR Flash Manufacturing PMI report showed an increase to 58.2 from the previous figure of 57.4 which was expected to decrease to 57.2, and EUR Flash Services PMI report also showed an increase to 55.6 which was expected to be unchanged at 54.7. On the other hand, Australia does not have any economic reports or event today but earlier all Australian reports were quite positive in nature which did contribute to today's gain. To sum up, despite a series of positive economic reports today EUR could not break above the resistance level of 1.51 which does signal that the market sentiment is changing towards AUD and will lead to further gains in the coming days.

Now let us look at the technical chart. The price has rejected off the resistance level of 1.5100 today amid bearish pressure. The pair is expected to continue a further bearish move towards 1.4800 and later towards 1.4500 support level in the coming days. If the price remains below the 1.5100 resistance level with a daily close, the bearish pressure is likely to continue further.

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The material has been provided by InstaForex Company - www.instaforex.com