7 Aug 2013
EUR/AUD, will 1.50 allow further gains?
FXstreet.com (Chicago) - EUR/AUD hit potential boundaries as the pair continued to retrace from 1.48085 regions and accumulated 0.30% losses throughout the day.
Price action indicated a strong reaction to the RBA’s decision to reduce interest rates at 2.50% vs. previous 2.75%. The apparent unlimited uphill potential driving the euro seemed to have reached its limits as the pair kissed 1.4991 to trigger its descent since last Monday.
On outlook for job market data to be released on Thursday in Australia and an expected ECB monthly report in Europe on the same day, market participants speculate whether or not the published data will affect the direction of the trend.
In the meantime, the pair trades at 1.4800 between supports at 1.4778 (August 1st lows), 1.4765 (July 31st highs) ahead of 1.4738 (August 5th lows) and resistances at 1.4808 (Feb. 2010 highs), 1.4846 (August 5th lows) followed by 1.4863 (intraday highs). The FXstreet trend index reports the pair as slightly bullish with a neutral MACD and a CCI indicator pointing up.
Price action indicated a strong reaction to the RBA’s decision to reduce interest rates at 2.50% vs. previous 2.75%. The apparent unlimited uphill potential driving the euro seemed to have reached its limits as the pair kissed 1.4991 to trigger its descent since last Monday.
On outlook for job market data to be released on Thursday in Australia and an expected ECB monthly report in Europe on the same day, market participants speculate whether or not the published data will affect the direction of the trend.
In the meantime, the pair trades at 1.4800 between supports at 1.4778 (August 1st lows), 1.4765 (July 31st highs) ahead of 1.4738 (August 5th lows) and resistances at 1.4808 (Feb. 2010 highs), 1.4846 (August 5th lows) followed by 1.4863 (intraday highs). The FXstreet trend index reports the pair as slightly bullish with a neutral MACD and a CCI indicator pointing up.