EUR/AUD Price Analysis — September 24

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The European stock markets fell sharply early on Thursday, as investors continue to scramble over fears that a second wave of the deadly Coronavirus in the coming winter in the northern hemisphere could derail an economic recovery.

France has joined other European countries in intensifying its restrictions on social gatherings on Wednesday, as infections and hospital admittances pick up. The U.K. and Belgium announced additional restrictions 48 hours earlier.

However, some good news came out of Europe on Thursday, as the sentiment surrounding the French manufacturing industry continued on a modest recovery through September. Traders will now be using the recently released German Ifo Business Climate index and the upcoming weekly US employment data to determine their next move in the market today.

Meanwhile, the AUD has been put under pressure on Thursday as the global risk sentiment—which it thrives off—continues to fade, diminishing the Aussie’s appeal as a higher-yielding asset.

This week’s comments from the Reserve Bank of Australia has also acted as a disservice for the Aussie, as investors modify their positions ahead of a possible rate cut in October.

EUR/AUD Value Forecast — September 24

EUR/AUD Major Bias: Bullish

Supply Levels: 1.6567, 1.6800, and 1.7000

Demand Levels: 1.6336, 1.6000, and 1.5960

The EUR/AUD has been accelerating upwards through the week to record fresh monthly highs around 1.6576 just a few hours ago. However, the upwards surge has been strongly resisted by the strong 1.6567 resistance in the meantime.

Buyers will have to increase their activities to break above this line in the near-term. Failure to do so could send the EUR/AUD on a slight correction to the 200 SMA (1.6336), where this pair could be met with strong dip-buying.

Meanwhile, a break above the 1.6567 resistance could send the pair to the 1.6800 level and, subsequently, the 1.7000 psychological line once again.

It’s worth mentioning, however, that the EUR/AUD has been trading within a wide range since early June between the 1.6567 resistance and the 1.6100 support.

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