The 2024 average rate in the AUD/EUR cross is 0.6100.
A head and shoulder chart pattern has emerged on the Euro (EUR), Australian Dollar (AUD) cross implying further weakness in the Aussie should retest the 0.6025 (1.6600) level before going on to consider 0.6015 (1.6630). Although the ECB made comment they need to reconsider “restrictive” policy the EUR has been firmly in charge. The Aussie has been hampered by further talk around a trade war between the US and China signalling a potential hit on Australian exports. Also of note is rhetoric with the RBA cutting from February.
Current Level: 1.6583
Resistance: 1.6630
Support: 1.6530
Last Weeks Range: 1.6349- 1.6576