24 Sep 2013
EUR/AUD regains 1.43 front
FXstreet.com (Chicago) - EUR/AUD snapped back above the 1.43 zone but was capped around the 1.4320 zone, extending the downward trend that initiated last Friday.
“Accommodative policies”
Earlier in Europe, Draghi spoke about the Euro-zone monetary situation and explained the monetary policy will remain accommodative with low interest rate levels. Data wise, the market manufacturing PMI for September was 51.1 vs. expected 51.8 and past results at 51.4. The market PMI composite was 52.1 vs. estimated 51.9 and prior 51.5. The Markit services PMI was 52.1 vs. expected 51.1 and past results at 50.7. In Australia, no data was made public although market participants wait for the RBA annual report due at 5 GMT.
EUR/AUD Technical Levels
Technically speaking, the pair is offered at 1.4308 and oscillates between the supports aligned at 1.1492 (September 17th highs), 1.4232 (September 16th lows) followed by 1.4168 (July 16th lows) and resistances set at 1.4344 (September 19th highs), 1.4417 (September 22nd highs) ahead of 1.4465 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and extends the bearish trendline after double tops pattern formation (August 2nd highs and September 2nd highs).
“Accommodative policies”
Earlier in Europe, Draghi spoke about the Euro-zone monetary situation and explained the monetary policy will remain accommodative with low interest rate levels. Data wise, the market manufacturing PMI for September was 51.1 vs. expected 51.8 and past results at 51.4. The market PMI composite was 52.1 vs. estimated 51.9 and prior 51.5. The Markit services PMI was 52.1 vs. expected 51.1 and past results at 50.7. In Australia, no data was made public although market participants wait for the RBA annual report due at 5 GMT.
EUR/AUD Technical Levels
Technically speaking, the pair is offered at 1.4308 and oscillates between the supports aligned at 1.1492 (September 17th highs), 1.4232 (September 16th lows) followed by 1.4168 (July 16th lows) and resistances set at 1.4344 (September 19th highs), 1.4417 (September 22nd highs) ahead of 1.4465 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and extends the bearish trendline after double tops pattern formation (August 2nd highs and September 2nd highs).