EUR/AUD has been quite non-volatile with the bullish gains which made the price reside at the edge of 1.60 price area. Despite worse economic reports recently, EUR gained good momentum over AUD which sustained for a very long time. Amid upbeat economic reports, AUD failed to create an impact in the market and depress the bulish momentum of EUR. Today, Australia's the Leading Index report was published by the Melbourne University with a positive change to 0.3%, up from the previous negative value of -0.3%. Tomorrow, Australia is due to present a report of crucial importance, Employment Change which is expected to increase to 19.8k from the previous figure of 16.0k and Unemployment Rate is expected to be unchanged at 5.5%. On the other hand, today there was no market-moving report on the EUR side, but tomorrow several Flash Services and Manufacturing PMI reports are going to be published which are expected to have mixed results, supporting the EUR gains against AUD. As for the current scenario, AUD is expected to gain some momentum over EUR in light of high impact Employment reports where a positive change is expected to inject impulsive bearish pressure in the pair. On the other hand, mixed economic report from the eurozone might lead to volatility and corrections in the pair. To sum up, AUD is expected to gain momentum against EUR in the coming days leading to certain corrections and volatility.
Now let us look at the technical view. The price is currently residing amid the bearish pressure with a bullish rejection daily candle where the Bearish Divergence can be observed as well. The price is currently expected to proceed lower towards 1.55 support area in the coming days as the price remains below 1.60 with a daily close.
