EUR/AUD: Fundamental Analysis and Anticipated Technical Setup

EUR/AUD Continues Bearish Momentum as Mixed ECB Comments and Australian Wage Data Impact Sentiment

The EUR/AUD pair remains within a bearish momentum, with the price consolidating in recent hours and forming a bearish triangle pattern that could potentially trigger a new bearish setup.

The Euro's demand is undermined by mixed comments from European Central Bank (ECB) officials. Vice Bank of Spain's Governor, Pablo Hernandez de Cos, expressed concerns on Wednesday about the persistence of higher inflation, suggesting that it could slow down the recovery and potentially lead to further tightening measures in the euro area.

On the Australian side, recent data revealed that the Wage Price Index rose by 0.8% quarterly during the first quarter, slightly below the market consensus of 0.9%. However, the annual rate climbed to 3.7%, reaching the highest level since September 2012. While labor costs play a crucial role for the Reserve Bank of Australia (RBA), it's important to note that the Q1 data alone may not be sufficient to drive a decision towards a rate hike.

Overall, the combination of mixed ECB comments and the Australian wage data adds to the sentiment favoring a continued bearish outlook for the EUR/AUD pair.

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