EUR/AUD whipping in Asia trading, may not hold 1.57 for long

• The EUR/AUD is swapping places in Asia as markets lack confidence.
• Macro calendar has thinned out for the week, and market sentiment will be steering action.

The EUR/AUD pair is whipping in Tokyo markets as traders have a tough time picking which currency they'd like to sell the most; the pair is testing near 1.5720 as of writing, and the correction from Wednesday's bottom of 1.5640 is holding for now, but cracks are beginning to emerge.

The Euro fell in Wednesday's trading after Mario Draghi came in for a dovish landing, reiterating many of the European Central Bank's (ECB) platitudes about remaining "patient, persistent, and prudent", and did not rule out the potential for further easing measures if inflation begins to slow down within the European Union (EU). The decidedly cool stance from the ECB's President has taken some wind out of the Euro's sails in markets that are already decidedly risk-averse, and an unexpected slowdown in mid-tier macro figures this week is heaping more problems onto the EUR.

on the Aussie side, the Reserve Bank of Australia (RBA) has already embraced their middling economic data and looks firmly set to stand pat on interest rates this year. With Australian growth failing to keep up with global trends, and macro figures consistently lagging behind expectations, the AUD finds itself frequently competing to be the bottom of the basket against most other currencies.

EUR/AUD Technicals

Despite the pair being buried deeply in bullish territory, February's consolidation from 1.5620 to 1.5760 appears to be back in play, and bullish pushes higher are running out of steam. Support from the 34 EMA is holding but rough at 1.5675, and a further break below the consolidation range will be free to fall until major support from 1.5445. Resistance exists, but it's thin, priced in at the last swing high of 1.5790 and March's high of 1.5978.