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CFD Trading Rate Euro vs Australian Dollar (EURAUD)
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17.12.2024 21:23EUR/AUD Price Forecast: Rallies above 1.6500 amid risk-off mood
- EUR/AUD climbs above the 1.6500 level amid cautious market mood.
- Technical analysis shows potential for further gains with the Relative Strength Index indicating bullish momentum.
- Resistance levels ahead at 1.6575 and 1.6600, with potential targets extending to 1.6759 if upward trajectory continues.
- Support found at 1.6500, with further downside protections at the 100-day and 200-day SMAs at 1.6375 and 1.6359, respectively.
The Euro extended its gains versus the Australian Dollar on Tuesday, amid a session characterized by a risk-off mood, sending high-beta currencies lower. At the time of writing, the EUR/AUD trades at 1.6557 up by 0.40%.
EUR/AUD Price Forecast: Technical outlook
The EUR/AUD has halted its uptrend and has consolidated at around 1.6500 for the last three trading days. Although momentum seems bullish, buyers must clear the October 31 peak of 1.6599 if they want to remain hopeful of extending their gains.
Momentum as depicted by the Relative Strength Index (RSI) favors further upside, with the RSI standing above the neutral level.
If EUR/AUD rises above the December 11 high of 1.6575, it would pave the way for further upside. A breach of the latter will expose 1.6600, followed by the August 15 daily high of 1.6759.
On the flip side, the EUR/AUD first support would be the 1.6500 mark. Once cleared, the next support would be the 100-day Simple Moving Average (SMA) at 1.6375, followed by the 200-day SMA at 1.6359.
EUR/AUD Price Chart – Daily
Euro FAQs
The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
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16.12.2024 20:51EUR/AUD Price Forecast: Stalls below 1.6500 amid EU political turmoil
- EUR/AUD remains flat, with the formation of a 'doji' indicating indecision among traders in the face of Eurozone political challenges.
- RSI suggests a neutral stance, hinting at potential sideways movement in the near term.
- Key resistance and support levels to watch include 1.6574 and 1.6450 respectively, with further downside possibly testing SMA levels at 1.6375 and 1.6359.
The EUR/AUD consolidates below 1.6500 for the second consecutive day and trades at 1.6499, virtually unchanged. The Eurozone is experiencing turbulent moments amid political issues in France and Germany, two of the bloc's largest economies. Although the Euro holds firm, the end of the year keeps traders from opening fresh bets against the shared currency.
EUR/AUD Price Forecast: Technical outlook
The EUR/AUD consolidates, forming a ‘doji,’ meaning neither buyers nor sellers are in control. The Relative Strength Index (RSI) is bullish, though the slope turned flat, meaning the cross would likely remain sideways.
For a bullish resumption, the EUR/AUD first resistance would be the December 11 high at 1.6574. Once surpassed, the next stop would be the 1.6600 figure. Conversely, if EUR/AUD extends its losses below 1.6450, the next support would be the 100-day Simple Moving Average (SMA) at 1.6375, followed by the 200-day SMA at 1.6359.
EUR/AUD Price Charr – Daily
Euro FAQs
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day, according to data from the Bank of International Settlements. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% of all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
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12.12.2024 22:03EUR/AUD Price Forecast: Recovers after plunging below 1.6400 post ECB decision
- EUR/AUD rebounds from a low of 1.6361, trimming earlier losses.
- Technical outlook shows EUR/AUD consolidated within the 1.6350-1.6480 range amid mixed signals.
- Resistance ahead at 1.6500 and 1.6575; support positioned near 1.6400 with potential further dip towards 1.6375/59.
The EUR/AUD trims some of its earlier losses on Thursday as the European Central Bank lowered interest rates. Initially, the cross plunged to a daily low of 1.6361, but it made a U-turn as buyers bought the dip, toward current exchange rates. At the time of wiring, the pair trades at 1.6449, down 0.15%.
EUR/AUD Price Forecast: Technical outlook
The EUR/AUD seesawed after Aussie jobs data and the ECB’s monetary policy meeting, however it remained consolidated at around the1.6350-1.6480 range.
Momentum remains buliish as depicted by the Relative Strength Index (RSI), but sellers are looming after the cross-pair printed back-to-back bearish days.
If EUR/AUD extends its gains past 1.6500, the next resistance would be December 11 swing high at 1.6575. If surpassed, the next stop would be October 30 daily high at 1.6599.
On the other hand, sellers must take out the 1.6400 mark to extend the downtrend towards the confluence of the 100 and 200-day SMAs at 1.6375/59, followed by the 50-day SMA at 1.6281.
EUR/AUD Price Chart – Daily
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USD EUR GBP JPY CAD AUD NZD CHF USD -0.00% -0.06% -0.03% -0.04% -0.07% -1.77% -0.03% EUR 0.00% -0.03% 0.03% -0.01% -0.05% -0.06% 0.02% GBP 0.06% 0.03% 0.04% 0.01% -0.05% -0.05% 0.05% JPY 0.03% -0.03% -0.04% -0.02% -0.05% -0.09% 0.03% CAD 0.04% 0.00% -0.01% 0.02% -0.05% -0.07% 0.05% AUD 0.07% 0.05% 0.05% 0.05% 0.05% -0.01% 0.10% NZD 1.77% 0.06% 0.05% 0.09% 0.07% 0.01% 0.11% CHF 0.03% -0.02% -0.05% -0.03% -0.05% -0.10% -0.11% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
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10.12.2024 21:15EUR/AUD Price Forecast: Climbs to two-day high above 1.6500
- EUR/AUD gains 0.67% after RBA holds rates steady, signaling a dovish outlook with easing inflation pressures.
- Despite gains, potential ECB rate cuts loom, influencing near-term trading dynamics for the cross-pair.
- Technical levels to watch: Support at 1.6450 and 1.6400, with resistance near the recent peak at 1.6540.
The EUR/AUD soared to a new two-day peak on Tuesday after the Reserve Bank of Australia (RBA) kept rates unchanged yet adopted a dovish stance, as they noted inflation is beginning to ease towards its 3% goal. At the time of writing, the cross-pair trades at 1.6497, gains over 0.67%.
EUR/AUD Price Forecast: Technical outlook
The pair began the week lower, but the RBA’s decision pushed the EUR/AUD pair toward a two-day high of 1.6540. Nevertheless, traders pared some of those gains, as the European Central Bank (ECB) is expected to lower rates at the December 12 meeting.
Momentum remains slightly bullish, yet the Relative Strength Index (RSI) suggests that sellers have the upper hand in the short term.
The EUR/AUD first support would be the 1.6450 area, followed by the 1.6400 psychological mark. On further weakness, the next support would be the 100-day Simple Moving Average (SMA) at 1.6382, followed by the 200-day SMA at 1.6364. A breach of the latter will expose 1.6300.
Conversely, if buyers clear 1.6500, immediate resistance would be 1.6540, followed by 1.6561, the December 6 peak.
EUR/AUD Price Chart – Daily
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USD EUR GBP JPY CAD AUD NZD CHF USD 0.00% -0.01% 0.02% 0.00% -0.00% -0.04% 0.01% EUR -0.00% -0.02% 0.03% -0.00% -0.01% -0.05% 0.00% GBP 0.01% 0.02% 0.02% 0.02% 0.00% -0.03% 0.02% JPY -0.02% -0.03% -0.02% -0.01% -0.02% -0.06% -0.01% CAD -0.00% 0.00% -0.02% 0.01% -0.01% -0.04% 0.00% AUD 0.00% 0.01% -0.01% 0.02% 0.00% -0.04% 0.04% NZD 0.04% 0.05% 0.03% 0.06% 0.04% 0.04% 0.06% CHF -0.01% -0.01% -0.02% 0.00% -0.01% -0.04% -0.06% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
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