Commerzbank: bearish on EUR/AUD
EUR/USD breached yesterday the psychological support at 1.5000. Analysts at Commerzbank point out that Aussie is much better positioned from the fundamental point of view than euro. If Australian inflation expectations, due on Monday, increase, the pair will continue its descent.
The Reserve bank of Australia is meeting on Tuesday, April 1. According to Commerzbank, the central bank may sound more optimistic about Australian economic outlook. This week, the RBA’s Governor Glenn Stevens didn’t complain about the stronger AUD.
Support is at 1.4770 (200-day MA) and 1.4560.
Chart. Daily EUR/AUD