AUD/USD And EUR/AUD Analysis: March 06, 2018

www.investing.com/analysis/audusd-and-euraud-analysis--march-06-2018-200296066

By FxPro Financial Services Ltd (Ed Anderson) | Mar 06, 2018 09:41AM ET

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The Reserve Bank of Australia (RBA) left interest rates unchanged at a record low of 1.50% at its monetary policy meeting. There was little reaction from the Australian Dollar, as the decision was already priced in by the market. Interest rates are expected to remain unchanged until early 2019. The RBA stated that the country’s gross domestic product (GDP) will “grow faster in 2018 than it did in 2017” but removed reference to expectations of “above 3 percent” growth over the next couple of years. This change has led to a downgrade in GDP forecasts for the fourth-quarter, which are due to be released on Wednesday.

AUDUSD

AUDUSD has found support at the 0.7700-0.7725 zone, which previously acted as resistance during 2016. In the 4-hourly timeframe, the pair is seen to be trading in a descending wedge and a break of 0.7815 could lead to a bullish reversal, with resistance at 0.7875 and 0.7925. However, a break below support at 0.7725 is needed to continue the downtrend with support at 0.7695.

AUDUSD 4-Hour Chart

EUR/AUD

After breaking above the key 1.5150 level, EUR/AUD has continued trending higher and has now formed a cup and handle pattern in the daily timeframe. The measured target for such a pattern is 1.6390. The pair needs to trade above 1.5770 for a continued bullish move toward the target, with immediate resistance at 1.5940 and 1.6065. A reversal and break below 1.5770 would negate the outlook, with downside support at 1.5600 and then the 200MA at 1.5260.

EURAUD Daily Chart

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

Mar 19, 2025

ECB

2.90%

Mar 06, 2025

BOE

4.50%

Mar 20, 2025

SNB

0.50%

Mar 20, 2025

RBA

4.10%

Apr 01, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

US 30	43,776.5	+536.4	+1.24%
US 500	5,946.9	+85.2	+1.45%
Dow Jones	43,839.99	+600.49	+1.39%
S&P 500	5,954.39	+92.82	+1.58%
Nasdaq	18,847.28	+302.86	+1.63%
S&P 500 VIX	19.63	-1.50	-7.10%
Dollar Index	107.51	+0.33	+0.31%

Crude Oil WTI	69.76	-0.59	-0.84%
Brent Oil	72.58	-0.48	-0.66%
Natural Gas	3.834	-0.100	-2.54%
Gold	2,862.20	-33.70	-1.16%
Silver	31.346	-0.455	-1.43%
Copper	4.569	-0.050	-1.08%
US Soybeans	1,011.50	-11.25	-1.10%

U.S. 10Y	4.210	-0.077	-1.80%
U.S. 30Y	4.484	-0.070	-1.54%
U.S. 5Y	4.014	-0.091	-2.22%
U.S. 3M	4.305	-0.006	-0.14%
US 10Y T-Note	111.19	0.00	0.00%
Euro Bund	133.29	+0.40	+0.30%
10-2 Yield Spread	17.88	-1.73	-8.82%

Apple	241.84	+4.10	+1.73%
Alphabet A	170.28	+1.75	+1.04%
Tesla	292.98	+11.10	+3.94%
Amazon.com	212.28	+3.23	+1.55%
Netflix	980.56	+17.49	+1.82%
Meta Platforms	668.20	+9.96	+1.51%
Bank of America	46.10	+1.98	+4.49%

AUD/USD And EUR/AUD Analysis: March 06, 2018

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