24 Oct 2013
EUR/AUD retracing some of Wednesday’s gains after bullish Chinese PMI lifts Aussie
FXstreet.com (Barcelona) - EUR/AUD rallied hard on extreme China-induced Aussie weakness Wednesday and has given back some of those gains on better-than-expected Chinese PMI on Thursday.
EUR/AUD traders to focus on busy data calendar Thursday
Thursday, EUR/USD traders will be reacting to Reserve Bank of Australia Governor Lowe’s speech, the EU Council Meeting, German PMI data and EU PMI data.
Technical outlook for EUR/AUD
Technicians have been of the opinion that EUR/AUD would accelerate to the down side now after 1.4192 failed to hold up as support. The ultimate projected target was 1.3835, but short-term support comes in at 1.4137. Wednesday’s bounce took the cross up to resistance at 1.4335 – where some selling has come into play. Resistance above that level comes the 10/13 peak at 1.4379.
EUR/AUD traders to focus on busy data calendar Thursday
Thursday, EUR/USD traders will be reacting to Reserve Bank of Australia Governor Lowe’s speech, the EU Council Meeting, German PMI data and EU PMI data.
Technical outlook for EUR/AUD
Technicians have been of the opinion that EUR/AUD would accelerate to the down side now after 1.4192 failed to hold up as support. The ultimate projected target was 1.3835, but short-term support comes in at 1.4137. Wednesday’s bounce took the cross up to resistance at 1.4335 – where some selling has come into play. Resistance above that level comes the 10/13 peak at 1.4379.