10 Jul 2013
EUR/AUD threatens support at 1.3900 despite ugly China trade data
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 139.23 bids, off recent session highs at 1.3995 printed on the back of worst China exports data published in last 17 months. The cross is back again near early session lows and yesterday's NY session lows barely above the 1.39 handle, as Aussie strength is back on its feet.
EUR/AUD downside scope on Aussie strength
“Technical repositioning favors a stagnant to stronger AUD/USD, while the euro's recent break below $1.2795 helps corroborate our outlook for a weaker euro currency going forward. A hawkish FOMC Minutes may send EUR/USD lower than AUD/USD, which equates to a synthetic EUR/AUD short,” said Principal at Pattern Traders Ltd. Jonathan Eliasof.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at mentioned fresh NY session weekly lows 1.3904, followed by June 12 lows at 1.3878, and June 14 lows at 1.3805. To the upside, closest resistance shows at June 27 lows 1.3950, followed by June 17 highs/June 27 lows at 1.3970, and recent session highs at 1.3995.
EUR/AUD downside scope on Aussie strength
“Technical repositioning favors a stagnant to stronger AUD/USD, while the euro's recent break below $1.2795 helps corroborate our outlook for a weaker euro currency going forward. A hawkish FOMC Minutes may send EUR/USD lower than AUD/USD, which equates to a synthetic EUR/AUD short,” said Principal at Pattern Traders Ltd. Jonathan Eliasof.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at mentioned fresh NY session weekly lows 1.3904, followed by June 12 lows at 1.3878, and June 14 lows at 1.3805. To the upside, closest resistance shows at June 27 lows 1.3950, followed by June 17 highs/June 27 lows at 1.3970, and recent session highs at 1.3995.