6 Feb 2014
EUR/AUD crashed below 1.5100 support; more downside in store
FXStreet (Moscow) - EUR/AUD started the day close to the upper band of the short-term range at 1.5191, but soon came under selling pressure and dropped to current intraday low of 1.5066; the cross managed to restore some ground to 1.5094, but bearish sentiments are still dominant.
EUR/AUD is vulnerable today
EUR/AUD regained some ground yesterday, and even poked at the resistance level of 1.5200 that now serves as the upper band of the short-term range visible on hourly charts. This upside movement came on the background of general AUD correction across the board and it turned out to be short-lived. Positive Australian trade balance data published earlier today triggered another wave of optimism towards Aussie and pushed EUR/AUD below the support level of 1.5100. Now the cross is consolidating just below this breakout level that has become a resistance. It seems that the RBA change of stance to neutral changed the market perception of the AUD to bullish. It is quite possible that we are on the verge of a new long-term trend. The daily charts of EUR/AUD show that the cross has come close to an important area 1.5080-40. Confirmed close below may be a signal that the bears are in full control. Beware of today’s ECB meeting and Draghi comments that may increase the downside pressure on the cross.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5177, with the support at 1.5125, 1.5062 and 1.5010, with resistance above at 1.5240, 1.5292 and 1.5355. Hourly Moving Averages are bearish, with the 200SMA at 1.5453 and the daily 20EMA at 1.5385. Hourly RSI is neutral at 35.
EUR/AUD is vulnerable today
EUR/AUD regained some ground yesterday, and even poked at the resistance level of 1.5200 that now serves as the upper band of the short-term range visible on hourly charts. This upside movement came on the background of general AUD correction across the board and it turned out to be short-lived. Positive Australian trade balance data published earlier today triggered another wave of optimism towards Aussie and pushed EUR/AUD below the support level of 1.5100. Now the cross is consolidating just below this breakout level that has become a resistance. It seems that the RBA change of stance to neutral changed the market perception of the AUD to bullish. It is quite possible that we are on the verge of a new long-term trend. The daily charts of EUR/AUD show that the cross has come close to an important area 1.5080-40. Confirmed close below may be a signal that the bears are in full control. Beware of today’s ECB meeting and Draghi comments that may increase the downside pressure on the cross.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5177, with the support at 1.5125, 1.5062 and 1.5010, with resistance above at 1.5240, 1.5292 and 1.5355. Hourly Moving Averages are bearish, with the 200SMA at 1.5453 and the daily 20EMA at 1.5385. Hourly RSI is neutral at 35.