1 Dec 2014
EUR/AUD cracks 1.47, bulls target 1.4860
FXStreet (Bali) - EUR/AUD continues to run higher, breaking above 1.47 round number to set its highest since May 29 at 1.4772, with AUD broad-based weakness the main driver.
The bear trend resumption in AUD/USD, taking out stops sub 0.85 in a market caught a bit long after the short-lived spikes courtesy of China rate cut/AU Capex, coupled with a more stable EUR/USD market, still holding above 1.24 ahead of Thursday's ECB, is resulting in any AUD vulnerability to be well capitalized by longs in EUR/AUD.
Technically, the break above 1.47 allows buyers now to target 1.4860 for this week, slightly above the 50% fib retrac from the 1.5850-1.3830 decline. On the downside, 1.47 ahead of 1.4630 are the key supports on the daily.
The bear trend resumption in AUD/USD, taking out stops sub 0.85 in a market caught a bit long after the short-lived spikes courtesy of China rate cut/AU Capex, coupled with a more stable EUR/USD market, still holding above 1.24 ahead of Thursday's ECB, is resulting in any AUD vulnerability to be well capitalized by longs in EUR/AUD.
Technically, the break above 1.47 allows buyers now to target 1.4860 for this week, slightly above the 50% fib retrac from the 1.5850-1.3830 decline. On the downside, 1.47 ahead of 1.4630 are the key supports on the daily.