EUR/AUD climbs above the 1.6500 level amid cautious market mood. Technical analysis shows potential for further gains with the Relative Strength Index indicating bullish momentum. Resistance levels ahead at 1.6575 and 1.6600, with potential targets extending to 1.6759 if upward trajectory continues. Support found at 1.6500, with further downside protections at the 100-day and 200-day SMAs at 1.6375 and 1.6359, respectively.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.