7 Nov 2013
EUR/AUD flows at low altitude dangerously close to support
FXstreet.com (Chicago) - EUR/AUD is awfully quiet before the release of Australian job market results and Tokyo’s opening.
Earlier today, European results were rather positive with the Markit Services PMI at 51.6 vs. expected 50.9, the Markit PMI composite at 51.9 vs. expected 51.5. Nonetheless, retail sales were disappointing reaching 0.3% but failing to meet expectations at 0.7%. The AiG performance of construction index in Australia surprised at 54.4 vs. past 47.6.
EUR/AUD Technical Levels
Price action reveals the pair cruises right above the immediate support aligned at 1.4176 (October 21st highs) followed by 1.4123 (October 17th lows) and 1.4063 (June 30th lows). On the upside, the pair faces resistances set at 1.4241 (October 15th highs), 1.4284 (September 21st lows) followed by 1.4365 (September 30th lows). Hourly and 4HR charts evidence a double tops pattern now completed after parallel price action within the past two days. On long-term timeframes, primary and secondary trends confirm a bearish move.
Earlier today, European results were rather positive with the Markit Services PMI at 51.6 vs. expected 50.9, the Markit PMI composite at 51.9 vs. expected 51.5. Nonetheless, retail sales were disappointing reaching 0.3% but failing to meet expectations at 0.7%. The AiG performance of construction index in Australia surprised at 54.4 vs. past 47.6.
EUR/AUD Technical Levels
Price action reveals the pair cruises right above the immediate support aligned at 1.4176 (October 21st highs) followed by 1.4123 (October 17th lows) and 1.4063 (June 30th lows). On the upside, the pair faces resistances set at 1.4241 (October 15th highs), 1.4284 (September 21st lows) followed by 1.4365 (September 30th lows). Hourly and 4HR charts evidence a double tops pattern now completed after parallel price action within the past two days. On long-term timeframes, primary and secondary trends confirm a bearish move.