4 Nov 2013
EUR/AUD tumbles on solid Australian retail sales, upbeat China PMI
FXstreet.com (Athens) – The EUR/AUD is trading slightly upwards the last couple of hours, but it is generally under very strong selling pressure for a fourth consecutive day, as the Aussie is outperforming inspired by solid Australian retail data today and beating Chinese non-manufacturing PMI over the weekend.
EUR/AUD broke 1.4200 handle; trends in a slightly corrective upward mode
The EUR/AUD has been trading downwards since the early start of the Asian opening session today, dragged down initially by the beating Chinese PMI that were announced on weekend and afterwards by the solid Australian data.
EUR/AUD technicals
As long as the Aussie gets a solid boost from Chinese and Australia data, the cross might probably continue to move on a downwards shift threatening the 1.4100 area, which is the October low.
On the other hand, as long as the cross is well under the confluence of the 50-daily EMA (1.4348), the 20-daily EMA (1.4326) as well as the 10-daily EMA (1.4322) at the area as of 1.4322-1.4348, the pair will be probably under pressure, but it should clearly overcome the handle as of 1.4193 (76.4% Fib. of October rise) to be closer to the target of the 1.4100. Upwards, the resistance of 1.4248 should be breached, in order the pair to move higher.
EUR/AUD broke 1.4200 handle; trends in a slightly corrective upward mode
The EUR/AUD has been trading downwards since the early start of the Asian opening session today, dragged down initially by the beating Chinese PMI that were announced on weekend and afterwards by the solid Australian data.
EUR/AUD technicals
As long as the Aussie gets a solid boost from Chinese and Australia data, the cross might probably continue to move on a downwards shift threatening the 1.4100 area, which is the October low.
On the other hand, as long as the cross is well under the confluence of the 50-daily EMA (1.4348), the 20-daily EMA (1.4326) as well as the 10-daily EMA (1.4322) at the area as of 1.4322-1.4348, the pair will be probably under pressure, but it should clearly overcome the handle as of 1.4193 (76.4% Fib. of October rise) to be closer to the target of the 1.4100. Upwards, the resistance of 1.4248 should be breached, in order the pair to move higher.