5 Sep 2013
EUR/AUD still downwards despite dismal Australia trade balance data
FXstreet.com (Athens)- The EUR/AUD is still under pressure, as the worse than expected trade balance data in Australia were well expected after 5 consecutive surpluses.
Will EUR/AUD be influenced ahead of ECB minutes and with Syria overshadowing the G20 meeting?
The ‘Aussie’ has heavily outperformed against the single currency since the very start of the week, gaining more than 400 pips from the Sunday’s opening trading session (1.4782 on Sunday’s opening trading session, while now being at 1.4381). Today the calendar was really heavy of Australian data, that showed that the trade balance due to a jump of good imports led by fuel, missed expectations by far. However, despite the Australian data was discouraging, that didn’t change much the cross trend behavior, as after the run of 5 consecutive surpluses, it was less or more expected.Investors should take into deep consideration, that while the Aussie has surged the past three days, it might finally run out of steam if a swell in risk-appetite does not appear in the backdrop. Last but not least, today we are ahead of ECB’s meeting, but traders would be actually interested in any potential deviation from the current line of expectations, and that is a particularly low probability. However, there is room for nuance – which market participants have proven adept at ferreting out if the response to recent major Banks policy events is any gauge.
Technical outlook on EUR/AUD
At the time of writing, the pair is trading at 1.4391, down 0.04%, still capped by 1.4400 level. The FXstreet.com Trend Index shows the pair neutral in the 15-minutes timeframe chart. Daily pivot point support can be found at S3: 1.4258 S2: 1.4223 S1: 1.4187 and resistance at R1: 1.4487 R2:1.4521 and R3:1.4557, respectively.
Will EUR/AUD be influenced ahead of ECB minutes and with Syria overshadowing the G20 meeting?
The ‘Aussie’ has heavily outperformed against the single currency since the very start of the week, gaining more than 400 pips from the Sunday’s opening trading session (1.4782 on Sunday’s opening trading session, while now being at 1.4381). Today the calendar was really heavy of Australian data, that showed that the trade balance due to a jump of good imports led by fuel, missed expectations by far. However, despite the Australian data was discouraging, that didn’t change much the cross trend behavior, as after the run of 5 consecutive surpluses, it was less or more expected.Investors should take into deep consideration, that while the Aussie has surged the past three days, it might finally run out of steam if a swell in risk-appetite does not appear in the backdrop. Last but not least, today we are ahead of ECB’s meeting, but traders would be actually interested in any potential deviation from the current line of expectations, and that is a particularly low probability. However, there is room for nuance – which market participants have proven adept at ferreting out if the response to recent major Banks policy events is any gauge.
Technical outlook on EUR/AUD
At the time of writing, the pair is trading at 1.4391, down 0.04%, still capped by 1.4400 level. The FXstreet.com Trend Index shows the pair neutral in the 15-minutes timeframe chart. Daily pivot point support can be found at S3: 1.4258 S2: 1.4223 S1: 1.4187 and resistance at R1: 1.4487 R2:1.4521 and R3:1.4557, respectively.