9 Dec 2013
EUR/AU, double failure 1.5150 hints heavy offers
FXstreet.com (Bali) - EUR/AUD continues to struggle to hold onto recent gains as the monthly resistance at 1.5150/5100 (referring back to 2000/2001) caps advances.
Last Friday's massive bearish rejection off 1.5150 highs is an important clue about the heavy offers clustered near this level, which has coincidentally come combined with AUD/USD having recently failed to break 0.90 round number after a few tests of the level.
The latest price action (double topside failure on Dec 5/6)is indicative that a temporary top is in place, with the break of 1.5030 (Nov 29 swing high) down to 1.50 (big round number) is now necessary to extend short term correction towards 1.4950 and below.
Last Friday's massive bearish rejection off 1.5150 highs is an important clue about the heavy offers clustered near this level, which has coincidentally come combined with AUD/USD having recently failed to break 0.90 round number after a few tests of the level.
The latest price action (double topside failure on Dec 5/6)is indicative that a temporary top is in place, with the break of 1.5030 (Nov 29 swing high) down to 1.50 (big round number) is now necessary to extend short term correction towards 1.4950 and below.