26 Jun 2014
EUR/AUD: Bulls fails to close above 1.45
FXStreet (Bali) - EUR/AUD failed to hold onto gains earlier on Wednesday, closing the day just below the 1.45 key level after printing a 2-week high of 1.4548.
The large downward revision on the US Q1 GDP from Wednesday prompted traders to seek the allure of high-yielding currencies, with the Aussie and Kiwi the main beneficiaries. Meanwhile, the Euro, which struggled to break above 1.3650 vs the buck, failed to rival the appreciation seen in the AUD/USD, thus the minor setback in EUR/AUD.
Technically, EUR/AUD should unravel its range-bound conditions to clear up the picture. For now, a 1.4380-1.4550 day range seems to have been established, with moves developing within a broader downtrend context, which has seen the pair fall quite sharply since early February this year.
The large downward revision on the US Q1 GDP from Wednesday prompted traders to seek the allure of high-yielding currencies, with the Aussie and Kiwi the main beneficiaries. Meanwhile, the Euro, which struggled to break above 1.3650 vs the buck, failed to rival the appreciation seen in the AUD/USD, thus the minor setback in EUR/AUD.
Technically, EUR/AUD should unravel its range-bound conditions to clear up the picture. For now, a 1.4380-1.4550 day range seems to have been established, with moves developing within a broader downtrend context, which has seen the pair fall quite sharply since early February this year.