Back
7 Jan 2015
EUR/AUD steady and accumulated around the 1.47 handle
FXStreet (Guatemala) - EUR/AUD is currently trading 1.4702 at having made high 1.4719 of and a low 1.4651 of while being up 0.02% so far in Asia.
EUR/AUD has been a steady performer after the bullish climb from the region of the 1.4620 supporting territory and up to the 1.47 handle. However, while remaining below the 1.4780 resistance level that had been supporting the sideways consolidation of the previous leg of the broader bearish trend from 1.5330, the pair remains subject to supply with a target of the 1.44 handle and the mid point of the channel formed between September-December trading. Keeping in mind, however, that further downside play is an extension of 2014’s bear trend from 1.5800, and this is where the pair actually scored a low of 1.38 in September.
Fundamentally, the cross could benefit if positive risk sentiment returns, but currently the Aussie will remain under scrutiny in respect of the RBA’s and the market’s own outlook for the Australian economy in 2015. Greece may continue to pressure the Euro and further easing from the ECB keeps the bloc currency on the back foot.
EUR/AUD has been a steady performer after the bullish climb from the region of the 1.4620 supporting territory and up to the 1.47 handle. However, while remaining below the 1.4780 resistance level that had been supporting the sideways consolidation of the previous leg of the broader bearish trend from 1.5330, the pair remains subject to supply with a target of the 1.44 handle and the mid point of the channel formed between September-December trading. Keeping in mind, however, that further downside play is an extension of 2014’s bear trend from 1.5800, and this is where the pair actually scored a low of 1.38 in September.
Fundamentally, the cross could benefit if positive risk sentiment returns, but currently the Aussie will remain under scrutiny in respect of the RBA’s and the market’s own outlook for the Australian economy in 2015. Greece may continue to pressure the Euro and further easing from the ECB keeps the bloc currency on the back foot.