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5 Mar 2014
EUR/AUD is rushing back and forth
FXStreet (Moscow) - EUR/AUD is slowly drifting lower after a spike to the resistance of 1.5372 from the intraday lows of 1.5271; currently the cross is trading around 1.5340.
EUR/AUD looks for new catalysts
EUR/AUD finished Tuesday in the blues, The cross even tested the key support level at 1.5300 on the RBA monetary policy decision. Australian GDP data inspired Aussie bulls across the board and triggered large movements in EUR/AUD as the cross smashed below 1.5300. But the bears failed to retain the initiative and the cross soon returned to 1.5370 resistance. From the technical point of view, the short-term upside trend is intact as long as the cross trades above 1.5240. During European hours the cross movements will be influenced by Eurozone macro statistics. We are waiting to final 4Q GDP, February Composite PMI and January retail sales. Positive numbers may persuade investors that the ECB will do nothing this time. In this case the single currency might move higher across the board though we do not expect much of a rally ahead of the ECB monetary policy meeting scheduled on Thursday. The short term support comes at 1.5300. Once broken, the downside will accelerate to 1.5270. The resistance is seen at 1.5370 and followed by 1.5400.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5354, with the support at 1.5301, 1.5252 and 1.5199, with resistance above at 1.5403, 1.5456 and 1.5505. Hourly Moving Averages are mixed, with the 200SMA at 1.5309 and the daily 20EMA at 1.5296. Hourly RSI is neutral at 45.
EUR/AUD looks for new catalysts
EUR/AUD finished Tuesday in the blues, The cross even tested the key support level at 1.5300 on the RBA monetary policy decision. Australian GDP data inspired Aussie bulls across the board and triggered large movements in EUR/AUD as the cross smashed below 1.5300. But the bears failed to retain the initiative and the cross soon returned to 1.5370 resistance. From the technical point of view, the short-term upside trend is intact as long as the cross trades above 1.5240. During European hours the cross movements will be influenced by Eurozone macro statistics. We are waiting to final 4Q GDP, February Composite PMI and January retail sales. Positive numbers may persuade investors that the ECB will do nothing this time. In this case the single currency might move higher across the board though we do not expect much of a rally ahead of the ECB monetary policy meeting scheduled on Thursday. The short term support comes at 1.5300. Once broken, the downside will accelerate to 1.5270. The resistance is seen at 1.5370 and followed by 1.5400.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5354, with the support at 1.5301, 1.5252 and 1.5199, with resistance above at 1.5403, 1.5456 and 1.5505. Hourly Moving Averages are mixed, with the 200SMA at 1.5309 and the daily 20EMA at 1.5296. Hourly RSI is neutral at 45.