That should be of little surprise since interest rates are relatively high in Australia. Higher interest rates can lead to a stronger currency and this daily chart of the EUR/AUD shows us what that looks like in technical terms. Since the highs in March, this pair has been in a strong downtrend which means a strengthening AUD at the expense of a weakening EUR.
Traders should continue to look for selling opportunties in this downtrending market and maintain that bias unless the pair trades up through the 1.6502 high from November 2nd.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.