The EUR/AUD exchange rate on the daily chart looks interesting from a technical point of view. Support and resistance levels have been respected here for a long time and now the price has reached a clear resistance in the region of 1,6350 based on the peaks of September and October last year and also the peak of the beginning of this year. Last Thursday and Friday brought candles with long upper shadows indicating a small supply response in this resistance zone.
The price has risen quite significantly behind it and it would seem that at least a small correction could be initiated, all the more so after the recent statements by the ECB members that interest rates may need to be cut. This morning we heard the minutes of the monetary policy meeting in Australia. It has been losing value since this morning. So the graph shows a dynamic breakthrough of the resistance zone, which could already be used as a support in the future.
