11 Feb 2015
EUR/AUD: Moving away from descending resistance
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.4563 with a high of 1.4575 and a low of 1.4551 in early Asia.
The main themes around EUR/AUD has been a continuation of concerns over Greece this week and we await Greece's FM meeting with the Eurogroup in the eve of Europe today to try and resolve the situation. Then we look to Australia's economy and take note of the risks that the RBA may have left the door open for further easing this year. Yesterday's Chinese data is old news for now, with the market moving out of that post release price range, but we take note of the implications for the Aussie should the PBoC need to cut rates, yet again, which could mean liquidity into the Aussie.
Technically, the cross is meeting the descending trend line at this juncture of 1.4580 resistance and may fail here from the downside at 1.4880, while bulls would seek out 1.4720 to erode the downside resistance.
The main themes around EUR/AUD has been a continuation of concerns over Greece this week and we await Greece's FM meeting with the Eurogroup in the eve of Europe today to try and resolve the situation. Then we look to Australia's economy and take note of the risks that the RBA may have left the door open for further easing this year. Yesterday's Chinese data is old news for now, with the market moving out of that post release price range, but we take note of the implications for the Aussie should the PBoC need to cut rates, yet again, which could mean liquidity into the Aussie.
Technically, the cross is meeting the descending trend line at this juncture of 1.4580 resistance and may fail here from the downside at 1.4880, while bulls would seek out 1.4720 to erode the downside resistance.