EUR/AUD offered at 5-DMA, drops below 1.46

EUR/AUD cross was offered at the 10-DMA level of 1.4668 levels and dropped to a daily low of 1.4564 as Aussie bond yields rose, while the common currency lost ground against the greenback.

Trades below 1.46

At the time of writing, the cross was trading around 1.4585 levels. Aussie dollar gained traction in Asia as the correction in the GBP/USD pair lifted AUD and other risk currencies.

Meanwhile, widening of the AU-US 10-yr yield spread by 3-4 bps Asia also helped Aussie strengthened gains. Meanwhile, the negative action in the EUR/USD pair also added to the bearish pressure around the cross.

EUR/AUD Technical Levels

A break below immediate support of 1.4535 (Oct 4 low) would open doors for 1.45 levels. Below the same, next major support is seen at 1.4452 (monthly pivot support). On the higher side, 1.46 could offer resistance which if breachd would expose 1.4669 (daily high) and 1.47 levels.