24 Mar 2014
EUR/AUD comes back to the support of 1.5200
FXStreet (Moscow) - EUR/AUD has returned to the pivotal level of 1.5200 after touching the current Asian high at 1.5240
EUR/AUD: It’s all about PMIs today
EUR/AUD eded the week sharply lower - the cross lost about 250 pips, but the weekly chart picture implies that the cross will continue to oscillate within a broad range as it failed to break below the neckline of head-and shoulder pattern at 1.5130 and retraced higher. The daily picture is also quite ambiguous. The Aussie traders switched their attention from the fairy good Australian fundamentals to the Chinese economy concerns. So below the forecast Flash Manufacturing PMI (48.1 against expected 48.7) came as a big disappointment that pushed the AUD lower across the board. Later during the day we are waiting for flash PMI reports in France, Germany and Eurozone. Should they prove that the economy of the currency unit is recovering, EUR/AUD will continue its upside rebound. Technically, keep an eye at 1.5240 (Asian high) and 1.5252 (Friday’s high) on the upside. The nearest support comes at 1.5200 and followed by 1.5130.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5201, with the support at 1.5145, 1.5102 and 1.5046, with resistance above at 1.5244, 1.5300 and 1.5344. Hourly Moving Averages are mixed, with the 200SMA at 1.5331 and the daily 20EMA at 1.5306. Hourly RSI is neutral at 52.
EUR/AUD: It’s all about PMIs today
EUR/AUD eded the week sharply lower - the cross lost about 250 pips, but the weekly chart picture implies that the cross will continue to oscillate within a broad range as it failed to break below the neckline of head-and shoulder pattern at 1.5130 and retraced higher. The daily picture is also quite ambiguous. The Aussie traders switched their attention from the fairy good Australian fundamentals to the Chinese economy concerns. So below the forecast Flash Manufacturing PMI (48.1 against expected 48.7) came as a big disappointment that pushed the AUD lower across the board. Later during the day we are waiting for flash PMI reports in France, Germany and Eurozone. Should they prove that the economy of the currency unit is recovering, EUR/AUD will continue its upside rebound. Technically, keep an eye at 1.5240 (Asian high) and 1.5252 (Friday’s high) on the upside. The nearest support comes at 1.5200 and followed by 1.5130.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5201, with the support at 1.5145, 1.5102 and 1.5046, with resistance above at 1.5244, 1.5300 and 1.5344. Hourly Moving Averages are mixed, with the 200SMA at 1.5331 and the daily 20EMA at 1.5306. Hourly RSI is neutral at 52.