14 Oct 2013
EUR/AUD pulled down below 1.4290
FXstreet.com (Chicago) - EUR/AUD extends the bearish channel from last October 4th despite opening with runaway gap that failed to consolidate on Monday.
Data recap
On earlier European data, industrial production was better than expected at 1% (MoM) vs. past -1.0% and expected 0.8% - YoY data at -2.1% vs. past -1.9% and expected -2.4%. In Australia, home loans were -3.9% vs. past 2.1% and estimates at -2.5% and the Aussie was heavily influenced by positive Chinese data that beat all expectations.
EUR/AUD Technical Levels
Price action reveals the consolidation of a downward reversal with primary, secondary, short-term and intraday trends facing the grounds. After falling to 1.4274 session lows, the pair managed to bounce off above the 1.4280 session but remains slightly bearish on one-hour timeframe analysis according to the FXstreet.com trend index. Offered at 1.4287, the pair oscillates between supports aligned at 1.4267 (October 9th lows), 1.4190 (September 18th lows) ahead of 1.4080 (July 10th lows) and the resistances set at 1.4331 (October 4th lows), 1.4410 (October 8th highs) followed by 1.4475 (October 7th highs).
Data recap
On earlier European data, industrial production was better than expected at 1% (MoM) vs. past -1.0% and expected 0.8% - YoY data at -2.1% vs. past -1.9% and expected -2.4%. In Australia, home loans were -3.9% vs. past 2.1% and estimates at -2.5% and the Aussie was heavily influenced by positive Chinese data that beat all expectations.
EUR/AUD Technical Levels
Price action reveals the consolidation of a downward reversal with primary, secondary, short-term and intraday trends facing the grounds. After falling to 1.4274 session lows, the pair managed to bounce off above the 1.4280 session but remains slightly bearish on one-hour timeframe analysis according to the FXstreet.com trend index. Offered at 1.4287, the pair oscillates between supports aligned at 1.4267 (October 9th lows), 1.4190 (September 18th lows) ahead of 1.4080 (July 10th lows) and the resistances set at 1.4331 (October 4th lows), 1.4410 (October 8th highs) followed by 1.4475 (October 7th highs).