19 Sep 2013
EUR/AUD breaks briefly below fresh 2-month lows 1.42
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4221 off recent fresh 2-month lows at 1.4191 following FOMC where much awaited “taper” was again delayed, and even reversed, causing a massive run higher on Aussie, taking the cross down -1.12% so far for the week.
EUR/AUD bearish chances growing
As IFRMarkets analyst Richard Sexton pointed out earlier, a EUR/AUD cross weekly close below the 1.43 handle would “suggest pullback to 200 wk MA at 1.352,” Sexton said. With Chinese markets closed today for holiday, BoJ Kuroda speech later on might be a risk event to pay attention to for Aussie exposure. Case for a double top reversal pattern in EUR/AUD is growing while staying below the neck at around the 1.44 handle, analysts say.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at mentioned recent fresh 2-month lows 1.4191, followed by July 24 lows at 1.4186, and July 07 lows at 1.4166. To the upside, closest resistance shows at current levels as Sept 12 lows 1.4233, follwoed by Tuesday's lows at 1.4258, and Wednesday's highs at 1.4307.
EUR/AUD bearish chances growing
As IFRMarkets analyst Richard Sexton pointed out earlier, a EUR/AUD cross weekly close below the 1.43 handle would “suggest pullback to 200 wk MA at 1.352,” Sexton said. With Chinese markets closed today for holiday, BoJ Kuroda speech later on might be a risk event to pay attention to for Aussie exposure. Case for a double top reversal pattern in EUR/AUD is growing while staying below the neck at around the 1.44 handle, analysts say.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at mentioned recent fresh 2-month lows 1.4191, followed by July 24 lows at 1.4186, and July 07 lows at 1.4166. To the upside, closest resistance shows at current levels as Sept 12 lows 1.4233, follwoed by Tuesday's lows at 1.4258, and Wednesday's highs at 1.4307.