5 Nov 2013
EUR/AUD stalls at 1.42
FXstreet.com (Chicago) - EUR/AUD continues trendless ahead of the RBA interest rate decision and European forecasts and economic results.
Data recap
Ahead of the RBA interest rate decision and shortly after the release of the AiG performance of services index at 47.9 vs. past 47.1, market participants seem numb to data releases. Earlier in Europe, the Markit Manufacturing PMI indicated matched estimates at 51.3, equaling results while the Sentix investor confidence improved considerably from 6.1 to 9.3 results.
EUR/AUD Technical Levels
Price action reveals a pair that is stuck around the 1.42 front after finding grounds and stopping the bearish channel that started last October 29th since the fall from the 1.4520 zone. Offered at 1.42, the pair oscillates between the supports aligned at 1.4176 (October 21st highs), 1.4123 (October 17th lows) ahead of 1.4063 (June 30th lows) and the resistances set at 1.4241 (October 15th highs), 1.4284 (September 21st lows) followed by 1.4365 (September 30th lows). Both long-term and short-term charts evidence a strong retracement with inconclusive ending despite parallel movement within the past two days. According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Data recap
Ahead of the RBA interest rate decision and shortly after the release of the AiG performance of services index at 47.9 vs. past 47.1, market participants seem numb to data releases. Earlier in Europe, the Markit Manufacturing PMI indicated matched estimates at 51.3, equaling results while the Sentix investor confidence improved considerably from 6.1 to 9.3 results.
EUR/AUD Technical Levels
Price action reveals a pair that is stuck around the 1.42 front after finding grounds and stopping the bearish channel that started last October 29th since the fall from the 1.4520 zone. Offered at 1.42, the pair oscillates between the supports aligned at 1.4176 (October 21st highs), 1.4123 (October 17th lows) ahead of 1.4063 (June 30th lows) and the resistances set at 1.4241 (October 15th highs), 1.4284 (September 21st lows) followed by 1.4365 (September 30th lows). Both long-term and short-term charts evidence a strong retracement with inconclusive ending despite parallel movement within the past two days. According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.