8 Dec 2014
EUR/AUD faces stiff resistance at 1.4850 levels
FXStreet (Mumbai) - The single currency trades higher against the Australian dollar after the Aussie felt to 4-1/y lows against the greenback.
Currently, the EUR/AUD pair trades at 1.4838 levels, 0.38% higher as compared to previous day’s close at 1.4799. The Aussie weakened as Chinese imports fell sharply in November, biggest drop since January which fuelled concerns over slowing domestic demand in the world’s second-largest economy. Australia is an export-oriented economy, China being its major export destination.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4856 (Dec 5 High) levels, above which gains could be extended to 1.4873 (May 18 High) and 1.4900 levels. On the flip side, support is seen at 1.4817 (5-day SMA), below which it could extend losses to 1.4803 (10-day SMA) and 1.4784 (20-day SMA) levels.
Currently, the EUR/AUD pair trades at 1.4838 levels, 0.38% higher as compared to previous day’s close at 1.4799. The Aussie weakened as Chinese imports fell sharply in November, biggest drop since January which fuelled concerns over slowing domestic demand in the world’s second-largest economy. Australia is an export-oriented economy, China being its major export destination.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4856 (Dec 5 High) levels, above which gains could be extended to 1.4873 (May 18 High) and 1.4900 levels. On the flip side, support is seen at 1.4817 (5-day SMA), below which it could extend losses to 1.4803 (10-day SMA) and 1.4784 (20-day SMA) levels.