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3 Mar 2014
EUR/AUD under pressure due to general EUR weakness
FXStreet (Moscow) - EUR/AUD has been moving down slowly, as the cross started the day at 1.5467 and gradually slid to the intraday low at 1.5437. Currently, EUR/AUD is trading at 1.5448, but the short-term momentum is still bearish.
EUR/AUD: Eurozone PMI data in focus
EUR/AUD was a big winner on Friday as the cross gained nearly 200 pips during the day. On weekly charts, we got the confirmation of the bullish engulfing pattern that may signal that the correction relative to the longer term trend is over. Though, as long as the cross trades below 1.5750 (January 13 close) the bulls cannot claim that the upside trend is resumed. During European hours the cross movements will be influenced by Manufacturing PMI numbers form the key Eurozone countries. Economists expect slight improvements in Spain and Italy, while France and Germany numbers are likely to come out unchanged. Worse than forecasted numbers may trigger the Euro correction across the board. From the technical point of view the resistance comes at 1.5500, it is reinforced by strong offers layered on approach. Once broken, the upside will accelerate to 1.5530. The support is seen at 1.5400 and followed by 1.5373 (1h 50 EMA).
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5504, with the support at 1.5314, 1.5158 and 1.5068, with resistance above at 1.5560, 1.5650 and 1.5806. Hourly Moving Averages are bullish, with the 200SMA at 1.5279 and the daily 20EMA at 1.5281. Hourly RSI is neutral at 72.
EUR/AUD: Eurozone PMI data in focus
EUR/AUD was a big winner on Friday as the cross gained nearly 200 pips during the day. On weekly charts, we got the confirmation of the bullish engulfing pattern that may signal that the correction relative to the longer term trend is over. Though, as long as the cross trades below 1.5750 (January 13 close) the bulls cannot claim that the upside trend is resumed. During European hours the cross movements will be influenced by Manufacturing PMI numbers form the key Eurozone countries. Economists expect slight improvements in Spain and Italy, while France and Germany numbers are likely to come out unchanged. Worse than forecasted numbers may trigger the Euro correction across the board. From the technical point of view the resistance comes at 1.5500, it is reinforced by strong offers layered on approach. Once broken, the upside will accelerate to 1.5530. The support is seen at 1.5400 and followed by 1.5373 (1h 50 EMA).
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5504, with the support at 1.5314, 1.5158 and 1.5068, with resistance above at 1.5560, 1.5650 and 1.5806. Hourly Moving Averages are bullish, with the 200SMA at 1.5279 and the daily 20EMA at 1.5281. Hourly RSI is neutral at 72.