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4 Oct 2013
EUR/AUD cracks down to 1.4448 lows; struggles to contain 1.4450 key support
FXstreet.com (Chicago) - EUR/AUD violated immediate support at 1.4450 extending yesterday’s plunge on Aussie’s recovery. Unable to breakthrough 1.46 zone (four peaks, September 27th, September 30th, October 2nd and October 3rd highs), the pair succumbs to bearish pressure struggling to hold on to 1.4450 zone.
Both the Euro-zone and Australia seem on their way to recovery publishing gradual improvements in key economic data. After the Westpac released improving housing market data results along the decision to push back its rate reductions by the RBA from the end of this year to next spring, the Aussie printed wins across the board weakening the euro, also strong backed up by bullish European results.
EUR/AUD Technical Levels
Technically speaking, the pair shows a potential reversal consolidated if 1.44 zone is violated – primary and secondary trends facing grounds. Offered at 1.4456, the pair navigates between supports aligned at 1.4397 (September 20th highs), 1.4349 (September 19th highs) ahead of 1.4273 (September 23rd lows) and the resistances set at 1.4549 (October 3rd highs) followed by 1.46 (August 17th lows) and 1.4663 (September 2nd lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Both the Euro-zone and Australia seem on their way to recovery publishing gradual improvements in key economic data. After the Westpac released improving housing market data results along the decision to push back its rate reductions by the RBA from the end of this year to next spring, the Aussie printed wins across the board weakening the euro, also strong backed up by bullish European results.
EUR/AUD Technical Levels
Technically speaking, the pair shows a potential reversal consolidated if 1.44 zone is violated – primary and secondary trends facing grounds. Offered at 1.4456, the pair navigates between supports aligned at 1.4397 (September 20th highs), 1.4349 (September 19th highs) ahead of 1.4273 (September 23rd lows) and the resistances set at 1.4549 (October 3rd highs) followed by 1.46 (August 17th lows) and 1.4663 (September 2nd lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.