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EUR/AUD has been quite volatile and corrective at the edge of 1.60. The price is expected to make a correctional climb supported by bullish momentum.
EUR managed to sustain momentum over AUD despite weak economic reports from the eurozone and an economic slowdown ahead of the UK departure from the EU. Though there are certain talks above delaying BREXIT beyond June 30, 2019, the EU leaders have not confirmed the delay yet that may lead to a no-deal Brexit if no decision is made by the March 29th, 2019. Additionally, ECB President Mario Draghi heavily criticized the outcome of political negotiations reached by the EU policymakers in March. According to Draghi, changes in the EU national governments and the bloc's parliament distort the original proposal and interfere the independent exercise of ECB's monetary policy.
Today French Flash Services PMI report is going to be published which is expected to increase to 50.6 from the previous figure of 50.2 and German Flash Manufacturing PMI is expected to increase to 48.0 from the previous figure of 47.6.
On the other hand, the Australian economy is facing economic headwinds which have been proved by weak economic reports and dovish policy statements from the RBA with certain optimistic future plans. These events did not quite help AUD to gain impulsive momentum over EUR. Australian Employment Change report was published with a significant decrease to 4.6k from the previous figure of 38.3k which was expected to be at 14.8k and an unemployment rate showed a positive reading with a decline to 4.9% instead of the flat figure of 5.0% in the forecast. According to the RBA, Australia's house prices are not the only factor affecting the economy but there are other obstacles as well. There are chances for rate cuts in Australia if economic growth and inflation expectations remain solid. Apart from these factors, there are other criteria like income, employment, and consumption that could turn weighty reasons for the interest rate cut decision. Today, Australia's Flash Manufacturing PMI report was published with a drop to 52.0 from the previous figure of 52.9 and Flash Services PMI edged up to 48.8 from the previous figure of 48.7.
Meanwhile, EUR has been struggling for gains ahead of BREXIT on the back of an economic slowdown. On the other hand, AUD has been hurt by the Employment Change report and a rate cut possibility. These negatives are responsible for further correction and volatility in the pair in the coming days.
Now let us look at the technical view. The price formed a Pennant pattern at the edge of 1.60 support area from where the price is expected to correct itself aiming to climb higher with a target towards 0.6150 resistance area in the coming days. As the price remains above 1.5950 area, the bullish bias is expected to continue further.
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