30 Dec 2013
EUR/AUD hovering bearishly below possible peak at 1.5578
FXstreet.com (Barcelona) - EUR/AUD is has bounced back up after an initial drop away from the short-term peak at 1.5578. If the cross is to have yet another bullish leg, that hurdle will have to be cleared.
EUR/AUD traders get some data this week but will be eyeing technical resistance closely
EUR/AUD traders will be reacting throughout this holiday week to light data flow from Europe and Australia, including:
• Monday: German Retail Sales
• Tuesday: Aussie Private Sector Credit;
• Wednesday: Everything closed for New Year’s
• Thursday: Aussie Performance of Manufacturing Index; German and European Manufacturing PMI data
• Friday: EuroZone CPI data.
Technical outlook for EUR/AUD
Technicians say EUR/AUD topped out at the 1.5578 level last Wednesday and could be in the early stages of a macro pullback to targets starting at 1.5000 and possibly continuing to 1.4050. Resistance above 1.5578 comes in at 1.5600.
EUR/AUD traders get some data this week but will be eyeing technical resistance closely
EUR/AUD traders will be reacting throughout this holiday week to light data flow from Europe and Australia, including:
• Monday: German Retail Sales
• Tuesday: Aussie Private Sector Credit;
• Wednesday: Everything closed for New Year’s
• Thursday: Aussie Performance of Manufacturing Index; German and European Manufacturing PMI data
• Friday: EuroZone CPI data.
Technical outlook for EUR/AUD
Technicians say EUR/AUD topped out at the 1.5578 level last Wednesday and could be in the early stages of a macro pullback to targets starting at 1.5000 and possibly continuing to 1.4050. Resistance above 1.5578 comes in at 1.5600.