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17 Sep 2013
EUR/AUD hovering at 1.43, 50% Fibo retracement from 1.44 peaks
FXstreet.com (Chicago) - EUR/AUD exhausted a rally from 1.42 zone after cracking down at the opening of Monday’s trading session in Asia. The pair pulled off an impressive climb but was capped at 1.4317 (session lows and 61.8% level from 1.44 highs last week). A beautiful reversal consolidated throughout the Europen and American session post European data releases and ahead of the RBA’s minutes.
Modest recovery - equities
Earlier in Europe, the ECB president, Mario Draghi stressed on the nature and importance of the European Union’s unity through difficult times and stated that “the euro area has taken imoprtant steps to restore stability”. Consumer price indexes at 1.1% matched projections (YoY) while labor cost decreased to 0.9% vs. past 1.7%. With a modest recovery on its way, the euro showed signs of better stability and strength, printing minimal losses after round-trip swing from tops to lows. The markets closed with gains with the CAC40 up 0.92%, the DAX up 1.22% and the Euronext up 0.81%. In Australia, the RBA meeting mintues from September 3rd are expected later in the day.
EUR/AUD Technical Levels
Price action reveals a laggin Aussie that failed to maintain performance to be sold-off across the board. With primary and secondary trends pointing down, the pair regains 1.43 zone where it oscillates now after an impressive reversal consolidation that capped at 1.4713. Offered at 1.4302, the pair oscillates between supports at 1.4280 (September 9th lows), 1.4237 (September 11th lows) ahead of 1.4209 (July 18th lows) and resistances at 1.4337 (September 12th lows), 1.4375 (September 9th highs) followed by 1.44 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.
Modest recovery - equities
Earlier in Europe, the ECB president, Mario Draghi stressed on the nature and importance of the European Union’s unity through difficult times and stated that “the euro area has taken imoprtant steps to restore stability”. Consumer price indexes at 1.1% matched projections (YoY) while labor cost decreased to 0.9% vs. past 1.7%. With a modest recovery on its way, the euro showed signs of better stability and strength, printing minimal losses after round-trip swing from tops to lows. The markets closed with gains with the CAC40 up 0.92%, the DAX up 1.22% and the Euronext up 0.81%. In Australia, the RBA meeting mintues from September 3rd are expected later in the day.
EUR/AUD Technical Levels
Price action reveals a laggin Aussie that failed to maintain performance to be sold-off across the board. With primary and secondary trends pointing down, the pair regains 1.43 zone where it oscillates now after an impressive reversal consolidation that capped at 1.4713. Offered at 1.4302, the pair oscillates between supports at 1.4280 (September 9th lows), 1.4237 (September 11th lows) ahead of 1.4209 (July 18th lows) and resistances at 1.4337 (September 12th lows), 1.4375 (September 9th highs) followed by 1.44 (September 11th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.