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    Technical analysis of EUR/AUD for July 08, 2015

    Ahead of the Australian employment change and unemployment rate reports, AUD is trading lower against USD and the euro. At yesterday's session, the RBA maintaned its interest rate at 2.0%. It is likely to have a negative impact to AUD in coming days or weeks.

    The cross is approaching the crucial resistance between 1.4900 and 1.4950 100Msma. In the weekly and daily charts, the cross is trading above moving averages. In case of a weekly close above 1.5000, bulls will aim for 1.5200 and 1.5300 in coming weeks. At today's session, we do not expect the cross to make a top around 1.4900.

    In case Australian employment change and unemployment rate data comes out positive, the cross is likely to fall back below 1.4775 and 1.4730. In the H1 and H4 charts, negative divergence is being formed for a while. We expect healthy correction in coming days. Bulls can stretch to max 1.4900 and1.5000. Use rises to sell.


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