13 Sep 2013
EUR/AUD gains momentum above 1.4350 zone
FXstreet.com (Athens)- While since the opening of the Asian trading session, the EUR/AUD was glued to the 1.4350 area (having already earned approximately 100 pips since Thursday), it seems that now gains further uptrend momentum.
Celebrations are over for the new PM; jobs data reveal grim reality
While we are heading on the most crucial day of the week, as Friday sees the most important US data of the week (though the FOMC has probably already made up its mind), the news from the Australia seem to be that the new elected government has to overcome real obstacles to achieve its goal of reinvigorating economy. Thus, the “Aussie” after a small corrective movement on the early Asian trading session, soon pared all its earlier gains leading the EUR/AUD to further gains. Australia jobs data underscored Tony Abbot that his job will be really tough and traders should not be taken aback if the uptrend movement sets up a more uptrend continuation tone.
Strategic and Technical Bias on EUR/AUD
Ivan Delgado, Head of Asian Editors at FXstreet.com comments that “After an abrupt reversal off a fake break below 1.4235 on poor Aus jobs-inspired rally, the EURAUD saw a neat 100+ bull bar, extended beyond 1.4390 resistance, ensuring a cleaner order book as plenty of sellers hiding behind that number were likely stopped out. The retracement along the US session has been largely corrective in nature, with price kissing the 20-ema on the 4 hour chart - mainly led by EURUSD stop loss hunting below 1.3180 early in Asia - before taking off in the last hour.”
Moreover, Ivan Delgado adds up that “The resumption of the upward momentum should target 1.44 round number next, with a break paving the way for more ambitious targets towards 1.4450 - triple bottom mid Aug -. On the downside, break and hold below 1.4290 zone is needed to negate short term bullish scenario.”
Celebrations are over for the new PM; jobs data reveal grim reality
While we are heading on the most crucial day of the week, as Friday sees the most important US data of the week (though the FOMC has probably already made up its mind), the news from the Australia seem to be that the new elected government has to overcome real obstacles to achieve its goal of reinvigorating economy. Thus, the “Aussie” after a small corrective movement on the early Asian trading session, soon pared all its earlier gains leading the EUR/AUD to further gains. Australia jobs data underscored Tony Abbot that his job will be really tough and traders should not be taken aback if the uptrend movement sets up a more uptrend continuation tone.
Strategic and Technical Bias on EUR/AUD
Ivan Delgado, Head of Asian Editors at FXstreet.com comments that “After an abrupt reversal off a fake break below 1.4235 on poor Aus jobs-inspired rally, the EURAUD saw a neat 100+ bull bar, extended beyond 1.4390 resistance, ensuring a cleaner order book as plenty of sellers hiding behind that number were likely stopped out. The retracement along the US session has been largely corrective in nature, with price kissing the 20-ema on the 4 hour chart - mainly led by EURUSD stop loss hunting below 1.3180 early in Asia - before taking off in the last hour.”
Moreover, Ivan Delgado adds up that “The resumption of the upward momentum should target 1.44 round number next, with a break paving the way for more ambitious targets towards 1.4450 - triple bottom mid Aug -. On the downside, break and hold below 1.4290 zone is needed to negate short term bullish scenario.”