Looking at the graph in a four-hour time frame, we see that the EUR/AUD pair is moving in an ascending channel. After consolidating around the lower canal line, the EUR/AUD pair finds support in moving averages, makes a break, and moves to grow toward the upper canal line. Our first target is the previous high at 1.56750, and our maximum target within these limits is 1.57500. The MACD indicator gives us a bullish signal. The blue MACD line is still above the signal line, and we have another rejection directed towards the upper values of the indicator.
On the daily time frame, we see how the EUR/AUD pair gets the support of moving averages MA20, EMA20, and MA50, and based on that, our targets are MA200 and EMA200 in the zone around 1.60000. Looking at the MACD indicator, we are in a bullish trend, and that in the next short term, we can expect further growth of the EUR/AUD pair.
On the weekly time frame, we see that the EUR/AUD pair has been in a certain pullback for the last couple of weeks and that we need a break above MA20 and EMA50 to continue in the bullish trend. As a zone of resistance, we look up in Fibonacci 61.8% level at the psychological level at 1.60000. Looking at the MACD indicator, we see that the bullish trend is at the beginning of the momentum and that we can expect further growth of the EUR/AUD pair on the chart.
From the news for the EUR/AUD currency pair, we can single out the following:
The European Central Bank (ECB) has decided that interest rates on the main operating financing system, marginal lending arrangement, and deposit arrangement remain unchanged at 0.00%, 0.25%, and -0.50 %, as expected. The ECB has announced that it will prepare for the obligation to purchase assets incorrectly under the Pandemic Emergency Purchase Program (PEPP) with total rental assets of € 1.850 billion by the end of March 2022.
As the information presented is confirmed by the common percentage of financing conditions and inflation outlook conducted at the March monetary policy meeting, the ECB expects to purchase under the PEPP during this working life starting this month.
The leading Australian index rose in March and continued to suggest growth over trade in 2021. The leading index of the Westpac-Melbourne Institute, which indicates the probable pace of economic activity in relation to the trend of three to nine months in the future, fell to 3.29 percent in March from 3 percent in February. Westpac forecast economic growth of 4.5 percent for 2021. The agency said that the public opening of the economy cashed in on households and one year of high distribution of amplifiers, which indicates strong consumption. In the last six months, the growth rate of the growth index is at 3.29 processes in March of -0.24 percent in September.
