14 Nov 2013
EUR/AUD diverging trendlines; walking dangerous line?
FXstreet.com (Chicago) - EUR/AUD sustains performance ahead of GDP data in the European Union and better than expected industrial results on Wednesday’s session.
Data releases
The ECB’s decision to cut rates may have come in handy as industrial results improved considerably to 1.1% vs. prior flat results. GDP data is expected with estimates at -0.3% compared to previous -0.5% results, indicating positivism among economists. In Australia, inflation decreased to 1.9% vs. past 2.0%.
EUR/AUD Technical Levels
Price action reveals the pair trades around the 23.6% Fibonacci level (1.4037/ 1.4474) extending the retracement from 1.4470 fronts that started on November 12th. Offered at 1.4384, the pair oscillates between the supports aligned at 1.4338 (November 11th highs), 1.4241 (October 16th highs) followed by 1.4176 (September 19th lows) and the resistances aligned at 1.4419 (October 25th highs), 1.4527 (October 30th highs) followed by 1.4622 (August 15th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis trading below the EMA20.
Data releases
The ECB’s decision to cut rates may have come in handy as industrial results improved considerably to 1.1% vs. prior flat results. GDP data is expected with estimates at -0.3% compared to previous -0.5% results, indicating positivism among economists. In Australia, inflation decreased to 1.9% vs. past 2.0%.
EUR/AUD Technical Levels
Price action reveals the pair trades around the 23.6% Fibonacci level (1.4037/ 1.4474) extending the retracement from 1.4470 fronts that started on November 12th. Offered at 1.4384, the pair oscillates between the supports aligned at 1.4338 (November 11th highs), 1.4241 (October 16th highs) followed by 1.4176 (September 19th lows) and the resistances aligned at 1.4419 (October 25th highs), 1.4527 (October 30th highs) followed by 1.4622 (August 15th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis trading below the EMA20.