28 Jul 2014
EUR/AUD failed to live up to bullish hopes
FXStreet (Moscow) - EUR/AUD is sitting quietly just under the pivotal resistance of 1.4300, as bulls seem to be completely washed out.
Bulls have little kick left
EUR/AUD upside correction from 1.4203 low stalled on Friday and thus deprives us of the confirmation for bullish piercing line pattern. From the technical point of view it is likely that the cross enters consolidation phase at least until Eurozone inflation report is published (on Thursday). EUR/AUD dynamics this week might be more vulnerable to overall EUR sentiments that is moving within a clear downside trend. On the intraday basis the key levels to watch are 1.4300 handle on the upside and Friday’s low at 1.4262 on the downside.
What price levels and patterns have to be considered?
Spot is presently trading at 1.4294, and next resistance can be seen at 1.4295 (Daily Open), 1.4304 (Hourly 100 SMA), 1.4309 (Daily High), 1.4316 (Weekly Classic PP) and 1.4323 (Daily Classic R1).
Support below can be found at 1.4291 (Hourly 20 EMA), 1.4281 (Daily Low), 1.4265 (Yesterday's Low), 1.4265 (Daily Classic S1) and 1.4238 (Monthly Low).
Bulls have little kick left
EUR/AUD upside correction from 1.4203 low stalled on Friday and thus deprives us of the confirmation for bullish piercing line pattern. From the technical point of view it is likely that the cross enters consolidation phase at least until Eurozone inflation report is published (on Thursday). EUR/AUD dynamics this week might be more vulnerable to overall EUR sentiments that is moving within a clear downside trend. On the intraday basis the key levels to watch are 1.4300 handle on the upside and Friday’s low at 1.4262 on the downside.
What price levels and patterns have to be considered?
Spot is presently trading at 1.4294, and next resistance can be seen at 1.4295 (Daily Open), 1.4304 (Hourly 100 SMA), 1.4309 (Daily High), 1.4316 (Weekly Classic PP) and 1.4323 (Daily Classic R1).
Support below can be found at 1.4291 (Hourly 20 EMA), 1.4281 (Daily Low), 1.4265 (Yesterday's Low), 1.4265 (Daily Classic S1) and 1.4238 (Monthly Low).