14 Jul 2014
EUR/AUD is not ready to go above 1.4500 yet
FXStreet (Moscow) - EUR/AUD is trying to take off from Asian lows at 1.4465, though the success is elusiveas the cross managed to climb only to 1.4570.
Looking South
The short-term resistance of 1.4500 once again proved to be a hard nut to crack, as EUR/AUD stopped within a couple of pips form the above said level and reversed sharply lower. AUD/USD upside dynamics helped the cross on its way down. Thus movement may be regarded as a result of both technical and fundamental factors. Later during the day, we may see a period of consolidation around 1.4465/50 support son that is likely to cap the downside on the intraday basis. The resistance of 1.4500 remains strong and we need effective triggers to take it out.
What price levels and patterns have to be considered?
Spot is presently trading at 1.4472, and next resistance can be seen at 1.4482 (Weekly Low), 1.4483 (Daily Classic PP), 1.4486 (Hourly 20 EMA), 1.4492 (Hourly 100 SMA) and 1.4494 (Weekly Classic PP).
To the downside we see next support at 1.4464 (Daily Low), 1.4457 (Daily Classic S1), 1.4451 (Yesterday's Low), 1.4427 (Weekly Classic S1) and 1.4426 (Daily Classic S2).
Looking South
The short-term resistance of 1.4500 once again proved to be a hard nut to crack, as EUR/AUD stopped within a couple of pips form the above said level and reversed sharply lower. AUD/USD upside dynamics helped the cross on its way down. Thus movement may be regarded as a result of both technical and fundamental factors. Later during the day, we may see a period of consolidation around 1.4465/50 support son that is likely to cap the downside on the intraday basis. The resistance of 1.4500 remains strong and we need effective triggers to take it out.
What price levels and patterns have to be considered?
Spot is presently trading at 1.4472, and next resistance can be seen at 1.4482 (Weekly Low), 1.4483 (Daily Classic PP), 1.4486 (Hourly 20 EMA), 1.4492 (Hourly 100 SMA) and 1.4494 (Weekly Classic PP).
To the downside we see next support at 1.4464 (Daily Low), 1.4457 (Daily Classic S1), 1.4451 (Yesterday's Low), 1.4427 (Weekly Classic S1) and 1.4426 (Daily Classic S2).