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Forex: EUR/AUD above 1.2950 on RBA rates unch

EUR/AUD has recently spiked to fresh session highs at 1.2982, last at 1.2971, off recent fresh session and weekly lows at 1.2900 round, following RBA statement leaving interest rates unchanged at 3.00%. The RBA leaves the door open for further rate cuts, the central bank said.

"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," the statement reads. EUR/AUD is still down by -1.18% for the week so far, retracing from fresh 13-month highs printed Friday at 1.3191. Tomorrow's Australian retail sales at 00:30 GMT is most important risk event ahead for the cross.

Immediate resistance to the upside for EUR/AUD shows at recent session highs/yesterday's London session lows 1.2980, followed by Thursday's lows at 1.2990, and Friday's NY session lows/Thursday's highs at 1.3056/70. To the downside, closest support lies at recent session/weekly lows 1.2900, followed by Jan 30 lows at 1.2873, and Jan 29 lows at 1.2830.

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AUD/USD is currently breaking lower to fresh session lows at 1.0418 and falling, from initial 1.0440 level the pair was, moments before the RBA statement came in with rates unchanged at 3.00%. The pair retraces from session and weekly highs at 1.0458, following better than expected housing and trade balance data.
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