4 Jul 2013
EUR/AUD profit taking bellow 1.4400
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at fresh session lows 1.4306, off late NY session highs at 1.4397/1.4401, few pips below previous multi-month high printed June 20, ahead of AU building approvals at 01:30 GMT.
EUR/AUD profit taking in overbought environment
Following massive Aussie weakness in last weeks, the EUR/AUD has posted a double mid term high this last NY session, with a weekly RSI 14 above 80 and bearish divergence in dailys. “The market has been building longs in EUR/AUD over the past few months and we’ve seen big moves in both of these pairs. I think what we’ve seen in the past few sessions has been some aggressive profit taking on these longer term trades,” said FXWW founder Sean Lee.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session lows/Monday's highs 1.4288, followed by Tuesday's lows at 1.4274, and June 25 highs at 1.4260. To the upside, closest resistance shows at London session highs 1.4328, followed by June 19 highs at 1.4360, and NY session/June 20 highs at 1.4401/14.
EUR/AUD profit taking in overbought environment
Following massive Aussie weakness in last weeks, the EUR/AUD has posted a double mid term high this last NY session, with a weekly RSI 14 above 80 and bearish divergence in dailys. “The market has been building longs in EUR/AUD over the past few months and we’ve seen big moves in both of these pairs. I think what we’ve seen in the past few sessions has been some aggressive profit taking on these longer term trades,” said FXWW founder Sean Lee.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session lows/Monday's highs 1.4288, followed by Tuesday's lows at 1.4274, and June 25 highs at 1.4260. To the upside, closest resistance shows at London session highs 1.4328, followed by June 19 highs at 1.4360, and NY session/June 20 highs at 1.4401/14.