4 Sep 2013
EUR/AUD threatening to break 1.4483 support after in-line Aussie GDP
FXstreet.com (Barcelona) - Basically in-line GDP numbers out of Australia only served to weigh down the already weak EUR/AUD further. Traders will now turn to European data to determine whether 1.4483 support breaks.
EUR/AUD threatening break of support unless very strong euro data changes things
In-line GDP data was not nearly bearish enough news to lessen the recent Aussie strength we’ve seen. With the RBA hinting in their policy statement yesterday that they are moving to a more neutral monetary stance, only a combination of truly dreadful Australian and weak Chinese data will alter trader’s belief that the RBA is done with their easy money policies.
For the rest of this week, traders’ attention will be focused of European data. Here’s the schedule of key announcements affecting EUR/AUD:
• Wednesday: Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales;
• Thursday: German Factory Orders; ECB Interest Rate Decision;
• Friday: German Industrial Production
Technical outlook for EUR/AUD
Technicians are calling for a deeper correction in EUR/AUD – possibly down to 1.4352 and/or points below. However, shorter-term support comes in at 1.4483 and 1.4421. Resistance comes in at 1.4694 – which is the underbelly of the broken multi-month uptrend line.
EUR/AUD threatening break of support unless very strong euro data changes things
In-line GDP data was not nearly bearish enough news to lessen the recent Aussie strength we’ve seen. With the RBA hinting in their policy statement yesterday that they are moving to a more neutral monetary stance, only a combination of truly dreadful Australian and weak Chinese data will alter trader’s belief that the RBA is done with their easy money policies.
For the rest of this week, traders’ attention will be focused of European data. Here’s the schedule of key announcements affecting EUR/AUD:
• Wednesday: Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales;
• Thursday: German Factory Orders; ECB Interest Rate Decision;
• Friday: German Industrial Production
Technical outlook for EUR/AUD
Technicians are calling for a deeper correction in EUR/AUD – possibly down to 1.4352 and/or points below. However, shorter-term support comes in at 1.4483 and 1.4421. Resistance comes in at 1.4694 – which is the underbelly of the broken multi-month uptrend line.