The Australian dollar continues to get bashed by the Euro as the Reserve Bank of Australia’s (RBA) move towards accommodative policy hammered to Aussie to fresh multi-year lows.
EUR/AUD jumps about 2%
Currently, the EUR/AUD cross rallied to fresh one month highs at 1.4840 levels, gaining 2.10% on the day. The Australian dollar fell further against the single currency as fresh selling emerged in the European opening hours.
The RBA cut its cash rate by 25 basis points to 2.25% for the first time since August 2013, joining the wave of action from central banks across the globe (ECB's QE, Bank of Canada rate cut) over the course of the last two weeks. Adding to the losses in the Australian dollar, RBA Governor Stevens dovish tone in his statement left the doors open for further rate cuts in Australia this year.
At the moment, the AUD/USD pair trades at 0.7642, down -2.05% on the day. While EUR/USD trades flat at 1.1337 levels.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4874 levels, above which gains could be extended to 1.4920 levels. On the flip side, support is seen at 1.4778 levels, from here it to 1.4630 levels.
EUR/AUD jumps about 2%
Currently, the EUR/AUD cross rallied to fresh one month highs at 1.4840 levels, gaining 2.10% on the day. The Australian dollar fell further against the single currency as fresh selling emerged in the European opening hours.
The RBA cut its cash rate by 25 basis points to 2.25% for the first time since August 2013, joining the wave of action from central banks across the globe (ECB's QE, Bank of Canada rate cut) over the course of the last two weeks. Adding to the losses in the Australian dollar, RBA Governor Stevens dovish tone in his statement left the doors open for further rate cuts in Australia this year.
At the moment, the AUD/USD pair trades at 0.7642, down -2.05% on the day. While EUR/USD trades flat at 1.1337 levels.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4874 levels, above which gains could be extended to 1.4920 levels. On the flip side, support is seen at 1.4778 levels, from here it to 1.4630 levels.
