9 Aug 2013
EUR/AUD hits bottom for 7-week lows
FXstreet.com (Chicago) - EUR/AUD continues steady descent at the consolidation of head and shoulders pattern manifesting throughout the week.
Price action indicates a strong pull down as the euro continued weakening against a stronger Aussie. An optimistic market sentiment spreads among market participants throughout Asia with the Chinese inflation data setting the tone.
Technically speaking, the pair trades at 1.4674 between supports at 1.4651 (July 30th highs), 1.4599 (July 25th 2010 highs) ahead of 1.4545 (May 30th 2010 lows) with resistances at 1.4724 (February 7th 2010 lows), 1.4750 (February 20th 2010 lows) and 1.4786 (March 2010 lows) on the upside. The FXstreet trend index reports the pair as slightly bearish on one-hour timeframe analysis with CCI indicator pointing down upon completion of H&S pattern.
Price action indicates a strong pull down as the euro continued weakening against a stronger Aussie. An optimistic market sentiment spreads among market participants throughout Asia with the Chinese inflation data setting the tone.
Technically speaking, the pair trades at 1.4674 between supports at 1.4651 (July 30th highs), 1.4599 (July 25th 2010 highs) ahead of 1.4545 (May 30th 2010 lows) with resistances at 1.4724 (February 7th 2010 lows), 1.4750 (February 20th 2010 lows) and 1.4786 (March 2010 lows) on the upside. The FXstreet trend index reports the pair as slightly bearish on one-hour timeframe analysis with CCI indicator pointing down upon completion of H&S pattern.