4 Sep 2013
EUR/AUD, drops to 1.4525 10-day lows
FXstreet.com (Chicago) - EUR/AUD extended bearish trend line to touch grounds at 1.4525 prior to Tokyo’s opening and ahead of GDP data release in Australia.
Big data day in Australia
The RBA interest rate decision was 2.5% yesterday, matching expectations. Retail sales and account balance disappointed with 0.1% vs. expected 0.4% and a -9.4B deficit. On Wednesday, the country will release its GDP results for the second quarter of the year. The Aussie seems to be bullish across the board. In Europe, the producer price index was 0.2% vs. past 0.3% and expectations at 0.1%.
EUR/AUD Technical Levels - Major reversal movement forming?
Price action reveals the continuation of a downward trend starting since August 27th ‘peaks (double top with August 5th). The primary trend remains bullish although the euro has not been able to surpass 1.50 and sustain performance as the Aussie bulls have managed to drag the pair down. On the downside, supports are aligned at 1.4492 (August 12th lows), 1.4445 (August 9th lows) followed by 1.4399 (July 29th lows) while the upside marks resistances at 1.4582 (July 30th lows), 1.4628 (August 15th highs) followed by 1.4675 (August 8th lows). On one-hour timeframe analysis, the pair is reported as slightly bearish and trades below the EMA20.
Big data day in Australia
The RBA interest rate decision was 2.5% yesterday, matching expectations. Retail sales and account balance disappointed with 0.1% vs. expected 0.4% and a -9.4B deficit. On Wednesday, the country will release its GDP results for the second quarter of the year. The Aussie seems to be bullish across the board. In Europe, the producer price index was 0.2% vs. past 0.3% and expectations at 0.1%.
EUR/AUD Technical Levels - Major reversal movement forming?
Price action reveals the continuation of a downward trend starting since August 27th ‘peaks (double top with August 5th). The primary trend remains bullish although the euro has not been able to surpass 1.50 and sustain performance as the Aussie bulls have managed to drag the pair down. On the downside, supports are aligned at 1.4492 (August 12th lows), 1.4445 (August 9th lows) followed by 1.4399 (July 29th lows) while the upside marks resistances at 1.4582 (July 30th lows), 1.4628 (August 15th highs) followed by 1.4675 (August 8th lows). On one-hour timeframe analysis, the pair is reported as slightly bearish and trades below the EMA20.