Forex Trading Forecast for EUR/AUD
There are a few factors affecting the EUR/AUD trade forecast. It is thought that confidence among investors in the Euro zone will probably be lower during the coming month. The official result of the SENTIX survey behind the corresponding index is due to come in at 8:30 GMT on Monday which will reveal the expectations of investors in Germany.It is also expected that the annualised index of producer prices (PPI) in the Euro zone will have reached 1% in June, up from -1%in May. The index reflects the change in prices of products sold by manufacturers during the respective period. The PPI is considered a leading indicator of consumer inflation and lower than expected producer prices would have a bearish effect on the euro. The official results of the PPI will be released by Eurostat on Monday morning.
During Friday’s trading session EUR/AUD traded within the range of 1.4371-1.4446 and closed at 1.4418. It gained 0.07% for the day and 0.87% on a weekly basis.
The central pivot point for the pair is at 1.4412. If EUR/AUD breaches the first resistance level at 1.4452 it will probably continue up towards 1.4487. Should this second resistance be broken then the pair will probably advance towards 1.4527.
If the pair breaches the first key support at 1.4377 it will probably slide towards 1.4337, if this support is broken then it will probably slide to 1.4302.