12 Dec 2013
EUR/AUD is higher on the session again, but may be running into resistance at 1.5310
FXstreet.com (Barcelona) - EUR/AUD is pushing higher once again despite today’s better-than-expected Aussie jobs data.
EUR/AUD reacting counter-intuitively to Aussie jobs; traders readying for Euro data later
Despite the surprise increase in Australian jobs that was released earlier in the session, the EUR/AUD has turned back to the upside and is actually trading well above the pre-release levels. Traders will now have to focus their attention on the slate of European economic announcements which include another Mario Draghi speech, EuroZone Industrial Production and the ECB’s Monthly Report on the EuroZone Economy.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has made it just about to the Fibonacci-generated upside target of 1.5310 and has backed off a bit. The downside correction that should follow the test of resistance could take the cross as low as 1.5084 – the 12/9 close. If that support does not hold, the 12/6 low of 1.5016 is the next downside test. The next upside target once the downside correction runs its course is expected to be 1.5361.
EUR/AUD reacting counter-intuitively to Aussie jobs; traders readying for Euro data later
Despite the surprise increase in Australian jobs that was released earlier in the session, the EUR/AUD has turned back to the upside and is actually trading well above the pre-release levels. Traders will now have to focus their attention on the slate of European economic announcements which include another Mario Draghi speech, EuroZone Industrial Production and the ECB’s Monthly Report on the EuroZone Economy.
Technical outlook for EUR/AUD
Technicians say EUR/AUD has made it just about to the Fibonacci-generated upside target of 1.5310 and has backed off a bit. The downside correction that should follow the test of resistance could take the cross as low as 1.5084 – the 12/9 close. If that support does not hold, the 12/6 low of 1.5016 is the next downside test. The next upside target once the downside correction runs its course is expected to be 1.5361.