20 Jan 2014
EUR/AUD tries to develop the downside correction below 1.5400
FXstreet.com (Moscow) - EUR/AUD is under selling pressure early on Monday as the cross lost nearly 60 pips on better than expected Chinese GDP numbers and tested the support area at 1.5370.
EUR/AUD bulls take time out
AUD was badly beaten across the board last week, and EUR/AUD closed the week more than 200 pips higher (opening level is 1.5198, closing level is 1.5419). Both domestic and external factors played against the currency, though the RBA should be quite happy about it as the central bank’s officials were vocal about their dissatisfaction with strong AUD. December’s nasty job report shifted the RBA policy expectations to the downside, and it means that the soft AUD is here to stay. Chinese GDP numbers published today showed that the economy of the Asian giant is still strong. The numbers came at 7.7%, slightly better than expected 7.6%. This pushed the AUD higher across the board, while EURAUD moved to intraday low at 1.5371. The cross needs to go above 1.5400 to negate the intraday bearish sentiment. The closest support lies at 1.5370.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5439, with support below at 1.5392, 1.5365 and 1.5318, with resistance above at 1.5466, 1.5513 and 1.5540. Hourly Moving Averages are mixed, with the 200SMA at 1.5283 and the daily 20EMA at 1.52.84. Hourly RSI is neutral at 41.04
EUR/AUD bulls take time out
AUD was badly beaten across the board last week, and EUR/AUD closed the week more than 200 pips higher (opening level is 1.5198, closing level is 1.5419). Both domestic and external factors played against the currency, though the RBA should be quite happy about it as the central bank’s officials were vocal about their dissatisfaction with strong AUD. December’s nasty job report shifted the RBA policy expectations to the downside, and it means that the soft AUD is here to stay. Chinese GDP numbers published today showed that the economy of the Asian giant is still strong. The numbers came at 7.7%, slightly better than expected 7.6%. This pushed the AUD higher across the board, while EURAUD moved to intraday low at 1.5371. The cross needs to go above 1.5400 to negate the intraday bearish sentiment. The closest support lies at 1.5370.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5439, with support below at 1.5392, 1.5365 and 1.5318, with resistance above at 1.5466, 1.5513 and 1.5540. Hourly Moving Averages are mixed, with the 200SMA at 1.5283 and the daily 20EMA at 1.52.84. Hourly RSI is neutral at 41.04