Global macro overview for 29/04/2016:
The data from the German job market showed that it continues to improve. The unemployment rate is steady at the level of 6.2%, a historic 25-year low, despite the refugee crisis. The number of unemployed people in Germany dropped from March to April by 101,000 to 2.7 million. Moreover, another set of data revealed that price growth in Germany decelerated more than expected in April. Inflation in the eurozone’s biggest economy climbed 0.1% year-on-year in April compared to a 0.3% growth seen in March. In conclusion, the German economy is still surprising investors as it reveals good overall figures month by month. The eurozone powerhouse is alive and kicking, and nothing seems to change any time soon.
Let’s now take a look at EUR/AUD technical picture in 4H time frame. The pair bounced from the 1.4471 technical support and now is trading around the 61%Fibo at the level of 1.4913. Nevertheless, to break out even higher, bulls would have to test and violate the dashed blue trend line and then head towards the important technical resistance at the level of 1.5208. Any failure here will put bears back into control over this market.
The material has been provided by InstaForex Company – www.instaforex.com
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