8 Aug 2013
EUR/AUD, at the edge of the void?
FXstreet.com (Chicago) - EUR/AUD dipped below 1.48 pulled down by lowering demand and weakening euro.
Price action indicated the potential neck formation of head and shoulder pattern about to attain completion after employment data was released in Australia. Below expectations, the actual employment change for July dropped to -10,200 compared to previous 9,300 and estimates at 5,000. Unemployment rate was slightly higher than projections as it matched previous records at 5.7% vs. expected 5.8%.
Trading at 1.4780, the FXstreet trend index reported the pair as slightly bullish despite 0.22% daily losses so far on one-hour timeframe analysis. Mixed volume indicators with a CCI pointing up but a MACD pointing down, revealed strong price tension between buyers and sellers as volume seemed to decrease since last August 2nd. On the downside, supports were set at 1.4783 (August 2nd lows), 1.4762 (intraday lows), 1.4739 (August 6th lows) with an upside aligning resistances at 1.4821 (January 31st 2010 lows), 1.4842 (August 1st highs) ahead of 1.4856 (intraday highs).
Price action indicated the potential neck formation of head and shoulder pattern about to attain completion after employment data was released in Australia. Below expectations, the actual employment change for July dropped to -10,200 compared to previous 9,300 and estimates at 5,000. Unemployment rate was slightly higher than projections as it matched previous records at 5.7% vs. expected 5.8%.
Trading at 1.4780, the FXstreet trend index reported the pair as slightly bullish despite 0.22% daily losses so far on one-hour timeframe analysis. Mixed volume indicators with a CCI pointing up but a MACD pointing down, revealed strong price tension between buyers and sellers as volume seemed to decrease since last August 2nd. On the downside, supports were set at 1.4783 (August 2nd lows), 1.4762 (intraday lows), 1.4739 (August 6th lows) with an upside aligning resistances at 1.4821 (January 31st 2010 lows), 1.4842 (August 1st highs) ahead of 1.4856 (intraday highs).