The Australian dollar extended Asian session's rally against the euro in early European deals Wednesday, rising to a 2-day high of 1.2336 around 4:10 am ET.
The aussie is expected to extend its uptrend versus the euro as the EUR/AUD pair failed to revisit the 38.2 percent retracement target between a high in October and a low in November.
The near-term resistance for the aussie is seen at 1.2327, the 23.6 percent retracement target and a move beyond this level could help the currency challenge the key 1.23 level.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.