The USD selling picked up pace during the early European session and lifted the EUR/USD pair closer to mid-1.1400s – highest since March 10.
The pair prolonged its recent positive momentum and gained strong follow-through traction for the fourth consecutive session on Wednesday. The upbeat market mood continued denting the US dollar's relative safe-haven status and was seen as one of the key factors driving the EUR/USD pair higher.
The shared currency benefitted from hopes that European Union leaders may agree on stimulus and deepen fiscal integration to shield the Eurozone economy from the pandemic.
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Fed commitment to keep rates unchanged until 2022.
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The EUR/AUD broke above the long-term key resistance trend line . This could indicate a major bullish reversal.
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AUD/NZD remains on the back foot around 1.0610 amid the early Wednesday morning in Asia. The pair snapped a two-day winning streak the previous day while taking a U-turn from a short-term falling trend line resistance.
Considering the bearish MACD, as well as sustained trading below an immediate resistance line, the quote is likely to extend its weakness.
In doing so, a horizontal area comprising lows marked since the early May month, around 1.0570/80, appears on the bears’ minds. However, a joint of 100/200-day SMAs near 1.0535/40 will be a strong support to challenge the sellers afterward.
In a case the pessimism prevails past-1.0535, odds of the AUD/NZD price-drop to 1.0500 threshold, before visiting April 21 low around 1.0470, can’t be ruled out.
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Australia reports a record trade surplus in May
Australian iron ore exports to China are up
Australian ability to combat the virus makes the Aussie an attractive option
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