6 Jan 2015
EUR/AUD hits 5-Week Lows, back below 1.47 handle
FXStreet (Mumbai) - The single currency ticked down against the Australian dollar, extending losses from the previous session, as the Aussie gained strength on rising gold and copper prices.
The EUR/AUD pair now trades at 1.4681 levels, down -0.55% on the day, having posted a fresh five-week low at 1.4666 levels in the early Asian morning. The EUR/AUD cross remains pressured as rising commodity prices coupled with robust Chinese services sector numbers lifted the Aussie from 5-1/2 year lows versus the US dollar. The AUD/USD pair now trades at 0.8143 levels, 0.73% on the day.
EUR/AUD is expected to trade lower ahead of Euro zone services PMI readings due out later in the day.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4856 (Nov 30 High) levels, above which gains could be extended to 1.4903 (Dec 11 Low) levels. On the flip side, support is seen at 1.4583 (Nov 30 Low) levels, from here it to 1.45 levels.
The EUR/AUD pair now trades at 1.4681 levels, down -0.55% on the day, having posted a fresh five-week low at 1.4666 levels in the early Asian morning. The EUR/AUD cross remains pressured as rising commodity prices coupled with robust Chinese services sector numbers lifted the Aussie from 5-1/2 year lows versus the US dollar. The AUD/USD pair now trades at 0.8143 levels, 0.73% on the day.
EUR/AUD is expected to trade lower ahead of Euro zone services PMI readings due out later in the day.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4856 (Nov 30 High) levels, above which gains could be extended to 1.4903 (Dec 11 Low) levels. On the flip side, support is seen at 1.4583 (Nov 30 Low) levels, from here it to 1.45 levels.