22 Jul 2013
EUR/AUD approaching the 1.4300 barrier
FXstreet.com (New York) - The EUR/AUD technical cross rallied higher Monday morning during Asian trading, moving steadily towards the 1.4300 barrier.
In these moments, the EUR/AUD is presently trading at 1.4281 (200-day SMA), and on the ascension will encounter resistances at 1.4287 (20-day SMA), onto 1.4310 (July 19 high).
EUR/AUD strategic bias
According to Jim Langlands at FX Charts, “The EUR/AUD is very choppy and directionless and I would leave it alone for the time being. This sort of price action looks likely to continue and I would be surprised to see the EUR/AUD make further solid gains given that the respective daily charts are now becoming overbought. At the same time, the cross looks as though it is yet ready to turn much lower and therefore more volatile trade looks the most likely outcome.”
In these moments, the EUR/AUD is presently trading at 1.4281 (200-day SMA), and on the ascension will encounter resistances at 1.4287 (20-day SMA), onto 1.4310 (July 19 high).
EUR/AUD strategic bias
According to Jim Langlands at FX Charts, “The EUR/AUD is very choppy and directionless and I would leave it alone for the time being. This sort of price action looks likely to continue and I would be surprised to see the EUR/AUD make further solid gains given that the respective daily charts are now becoming overbought. At the same time, the cross looks as though it is yet ready to turn much lower and therefore more volatile trade looks the most likely outcome.”