9 Aug 2013
EUR/AUD resting on its mid term ascending trendline
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4696 off recent session/weekly lows at 1.4664, right at the ascending trendline it has been guiding the cross since early April's double low.
EUR/AUD building a reversal pattern
The EUR/AUD cross has finally broken below the 1.4775 level yesterday following much better than expected China trade balance data, despite worse jobs domestic data in Australia. The level represents a neck line of a head and shoulders reversal pattern, with a measured target at around the 1.4550/00 level, in case it breaks below mentioned low and ascending trend line. RBA statement will be out at 01:30 GMT.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session/weekly lows 1.4664, followed by July 31 lows at 1.4609, and July 12 highs at 1.4482. To the upside, closest resistance shows at current levels as August 01 lows 1.4707, followed by Tuesday's lows at 1.4738, and Wednesday's lows at 1.4768.
EUR/AUD building a reversal pattern
The EUR/AUD cross has finally broken below the 1.4775 level yesterday following much better than expected China trade balance data, despite worse jobs domestic data in Australia. The level represents a neck line of a head and shoulders reversal pattern, with a measured target at around the 1.4550/00 level, in case it breaks below mentioned low and ascending trend line. RBA statement will be out at 01:30 GMT.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session/weekly lows 1.4664, followed by July 31 lows at 1.4609, and July 12 highs at 1.4482. To the upside, closest resistance shows at current levels as August 01 lows 1.4707, followed by Tuesday's lows at 1.4738, and Wednesday's lows at 1.4768.