- Euro managed to spike higher against the Aussie Dollar, and may continue to trade higher.
- There was a bearish trend line formed on the 4-hours chart of the EURAUD pair, which was broken to clear the way for more gains.
- German Unemployment Change released by the German Statistics Office posted a change of -11K, more than the forecast of 0K.
- The German Unemployment Rate remained stable at 6.2% in April 2016.
The recent decline in the Aussie Dollar also affected the EURAUD pair, as it moved higher. There was a bearish trend line formed on the 4-hours chart, which was broken during the upside move to set the pace for more gains.
The pair is now well above the 100 and 200 simple moving average on the 4-hours chart, which is a bullish sign for the buyers.
Buying dips near the broken trend line or 200 SMA may be considered in the short term.
German Unemployment Change
Today in the Euro Zone, the German Unemployment Change, which is a measure of the absolute change in the number of unemployed people in Germany using seasonally adjusted data was published by the German Statistics Office. The forecast was slated for 0K change in April 2016. However, the result was better, as the change came in at -16K in April 2016.
The report published added that “In March 2016, roughly 43.2 million persons resident in Germany were in employment. Compared with the same month a year earlier, the number of persons in employment increased by 530,000 or 1.2%. In March 2016, nearly 1.9 million people were unemployed, 137,000 fewer than a year earlier“.
The EURAUD is trading with a bullish sentiment, and if the current trend continues, there are chances of more gains in the near term.