EURAUD Analysis
EURAUD at the lower high area of the descending channel
After the confirmation of the Downward movement, GBPCAD Sell signal was given.
EURAUD Update
EURAUD has broken the Descending channel, which leads to the SL price. However, EURAUD still have chances to to fall from the lower high area.
Reason: Due to the release of more economic news mentioned below, the market is not making technical movements at this time.
Why AUD is Weaker
Stronger US Dollar: Positive US economic data reduced the likelihood of aggressive Fed rate cuts, strengthening the USD and weakening the AUD.
Divergent Monetary Policies: The Reserve Bank of Australia (RBA) has been more cautious on rate hikes compared to the Federal Reserve, adding pressure on AUD.
China’s Economic Concerns: Australia’s economic dependence on China means that China’s slowdown or reduced demand impacts Australia’s trade and weakens the AUD.
Falling Commodity Prices: The Australian economy is commodity-dependent (especially iron ore and coal). Falling commodity prices or weaker demand in global markets lead to a weaker AUD.
Awaiting Key Australian Data: Investors are cautious as they await Australia’s business confidence data and the RBA meeting minutes, creating uncertainty around the AUD.
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