1 Aug 2013
EUR/AUD rocketing to 3-year heights
FXstreet (Chicago) – EUR/AUD soared to fresh edges as it reached 1.4902 3-year high.
Price action indicated an unstoppable Euro as Aussie continued to be baffled since Stevens ‘remarks on Australian economy. Despite a 3.4% increase in home sales for June vs. previous 1.6%, international trade data indicated weaker than expected foreign money flows as import and export price indexes both at -0.3% failed to meet projected 1.8% and 0.4% respectively.
Technically speaking, the pair traded at 1.4808, navigating between supports at 1.4759 (May highs),1.4738 (May 2010 highs), 1.4787 (March 2010 lows) and resistances at 1.4874 (Feb. 2010 highs), 1.4950 (June 2010 highs), 1.5015 (July 2010 highs). On one-hour timeframe analysis, all EMAs and SMAs for short and long haul were below trading price, consolidating bullish trend.
Later in the day at 11:45 GMT, the European Central Bank will publish its interest rate decision on monetary policy press conference.
Price action indicated an unstoppable Euro as Aussie continued to be baffled since Stevens ‘remarks on Australian economy. Despite a 3.4% increase in home sales for June vs. previous 1.6%, international trade data indicated weaker than expected foreign money flows as import and export price indexes both at -0.3% failed to meet projected 1.8% and 0.4% respectively.
Technically speaking, the pair traded at 1.4808, navigating between supports at 1.4759 (May highs),1.4738 (May 2010 highs), 1.4787 (March 2010 lows) and resistances at 1.4874 (Feb. 2010 highs), 1.4950 (June 2010 highs), 1.5015 (July 2010 highs). On one-hour timeframe analysis, all EMAs and SMAs for short and long haul were below trading price, consolidating bullish trend.
Later in the day at 11:45 GMT, the European Central Bank will publish its interest rate decision on monetary policy press conference.