1 Aug 2013
EUR/AUD knocks on yet another fresh 3-year high at 1.49
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4868 off recent session/weekly and fresh 3-year highs at 1.4910, printed on the back of massive Aussie weakness, up +3.6% so far for this week alone.
EUR/AUD technically bullish till 1.5240
According to IFRMarkets analyst Andrew Spencer the RBA Steven's comments “still reverberates” pressing Aussie to the downside given a 25bps rate cut in rates next week has been taken as a sure thing, with OIS pricing in a 90% chance. “Set up is technically bullish – blue sky till 1.520 – 38.2% of 2008/12 fall,” Spencer added.
EUR/AUD key technical levels
Immediate resistance to the upside for EUR/AUD shows at recent session/weekly/fresh 3-year highs at 1.4902/10, followed by July 2010 highs at 1.5014, and Feb 2010 lows at 1.5042. To the downside, closest support lies at recent session lows 1.4785, followed by Tuesday's highs at 1.4653, and yesterday's lows at 1.4608.
EUR/AUD technically bullish till 1.5240
According to IFRMarkets analyst Andrew Spencer the RBA Steven's comments “still reverberates” pressing Aussie to the downside given a 25bps rate cut in rates next week has been taken as a sure thing, with OIS pricing in a 90% chance. “Set up is technically bullish – blue sky till 1.520 – 38.2% of 2008/12 fall,” Spencer added.
EUR/AUD key technical levels
Immediate resistance to the upside for EUR/AUD shows at recent session/weekly/fresh 3-year highs at 1.4902/10, followed by July 2010 highs at 1.5014, and Feb 2010 lows at 1.5042. To the downside, closest support lies at recent session lows 1.4785, followed by Tuesday's highs at 1.4653, and yesterday's lows at 1.4608.