11 Apr 2014
EUR/AUD has reversed; 1.4800 resistance is at risk
FXStreet (Moscow) - EUR/AUD has climbed to the resistance level of 1.4800 after opening at 1.4746
EUR/AUD is between a rock and a hard place
Long term downside trend of EUR/AUD visible on daily charts has stalled at 1.4720/10 area, as numerous attempts to break below were futile. This week was not an easy one for the cross as both euro and aussie were well bid across the board, which resulted in EUR/AUD consolidation in a rather narrow range. Fundamentally, both ECB and RBA paper to be neutral in terms of monetary policy, but according to the latest data the Australian economy is obviously in better shape. It means that the cross may resume the downside once the markets switch forget about latest ECB monetary policy meeting outcome and switch their attention to economic releases from EZ. On the intraday basis, however, the we are witnessing the upside correction form the above mentioned strong support zone, triggered by anti-risk sentiments on the back of weak stock markets, geopolitical tensions and lower than expected Chinese inflation. The key hurdle for the bulls is seen at 1.4835. Once they clear that out, the upside may accelerate o 1.4850.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.4730, with the support at 1.4675, 1.4597 and 1.4542, with resistance above at 1.4808, 1.4863 and 1.4941. Hourly Moving Averages are bullish, with the 200SMA at 1.4819 and the daily 20EMA at 1.4952. Hourly RSI is bullish at 66.
EUR/AUD is between a rock and a hard place
Long term downside trend of EUR/AUD visible on daily charts has stalled at 1.4720/10 area, as numerous attempts to break below were futile. This week was not an easy one for the cross as both euro and aussie were well bid across the board, which resulted in EUR/AUD consolidation in a rather narrow range. Fundamentally, both ECB and RBA paper to be neutral in terms of monetary policy, but according to the latest data the Australian economy is obviously in better shape. It means that the cross may resume the downside once the markets switch forget about latest ECB monetary policy meeting outcome and switch their attention to economic releases from EZ. On the intraday basis, however, the we are witnessing the upside correction form the above mentioned strong support zone, triggered by anti-risk sentiments on the back of weak stock markets, geopolitical tensions and lower than expected Chinese inflation. The key hurdle for the bulls is seen at 1.4835. Once they clear that out, the upside may accelerate o 1.4850.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.4730, with the support at 1.4675, 1.4597 and 1.4542, with resistance above at 1.4808, 1.4863 and 1.4941. Hourly Moving Averages are bullish, with the 200SMA at 1.4819 and the daily 20EMA at 1.4952. Hourly RSI is bullish at 66.