22 Aug 2013
EUR/AUD continues unabated upside move; projected target 1.5054
FXstreet.com (Barcelona) - The EUR/AUD just continues to kill anyone trying to fade the recent rally and borderline overbought condition. A heavy flow of European economic data Thursday promises to influence the trade one way or the other.
Aussie Leading Index out worse than expected; focus now on Europe
The release of the Australian Leading Indicators just a few minutes ago was on the light / bearish side. Now that this information is known, traders will shift their attention to Chinese PMI (which will influence the AUD) and to German and EuroZone PMIs in a few hours. As the chart of EUR/AUD becomes more overbought, any surprises favoring Aussie strength or Euro weakness has the potential to change the direction of things quickly.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4917 currently). Support for EUR/AUD comes in at the 20:00 GMT price from Tuesday at 1.4747 and is backed up by the pivot from earlier that day at 1.4600.
Aussie Leading Index out worse than expected; focus now on Europe
The release of the Australian Leading Indicators just a few minutes ago was on the light / bearish side. Now that this information is known, traders will shift their attention to Chinese PMI (which will influence the AUD) and to German and EuroZone PMIs in a few hours. As the chart of EUR/AUD becomes more overbought, any surprises favoring Aussie strength or Euro weakness has the potential to change the direction of things quickly.
Technical outlook for EUR/AUD
Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4917 currently). Support for EUR/AUD comes in at the 20:00 GMT price from Tuesday at 1.4747 and is backed up by the pivot from earlier that day at 1.4600.