11 Nov 2013
EUR/AUD working its way through a fourth wave sideways correction; upside to 1.4278 likely
FXstreet.com (Barcelona) - EUR/AUD is grinding through a sideways consolidation / correction but should be setting up for another up move to the 1.4278 to 1.4319 range according to Elliott Wave Technicians.
EUR/AUD traders will shift quickly to the schedule of European news and data points
Now that the bullish Chinese data over the weekend and the Aussie Home Loans and Investment Lending data (both of which came out AUD-bullish) have been released and digested, the EUR/AUD will be trading off of very limited data for the remainder of the Monday session. Only a speech scheduled to be given by the German Bundesbank President Weidmann might shake things up for EUR/AUD Monday.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an upside target range of 1.4278 to 1.4319 – both possible “correction resistance” levels for the short-term. Support for the cross comes in at the horizontal line of 1.4227 and is followed up by the 11/7 low of 1.4144.
EUR/AUD traders will shift quickly to the schedule of European news and data points
Now that the bullish Chinese data over the weekend and the Aussie Home Loans and Investment Lending data (both of which came out AUD-bullish) have been released and digested, the EUR/AUD will be trading off of very limited data for the remainder of the Monday session. Only a speech scheduled to be given by the German Bundesbank President Weidmann might shake things up for EUR/AUD Monday.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has an upside target range of 1.4278 to 1.4319 – both possible “correction resistance” levels for the short-term. Support for the cross comes in at the horizontal line of 1.4227 and is followed up by the 11/7 low of 1.4144.