5 Dec 2013
EUR/AUD dropping from monthly highs
FXstreet.com (London) - EUR/AUD has dropped from 1.5070 shedding 50 pips despite the Trade Balance data that disappointed from Australia, -529M vs expectations of -375M.
Meanwhile markets are expecting the ECB to adopt a more dovish tone for monetary policy and remains poised to implement more non-standard measures in 2014 underpinning the single currency. RSI (14) for the pair reads 51.92 with momentum indicators offering more to go to the downside but to contradict the downside, EMA’s are offering supporting signals in an overall bullish trend which has topped at 1.5090, monthly highs ahead of the 1.51 handle.
Meanwhile markets are expecting the ECB to adopt a more dovish tone for monetary policy and remains poised to implement more non-standard measures in 2014 underpinning the single currency. RSI (14) for the pair reads 51.92 with momentum indicators offering more to go to the downside but to contradict the downside, EMA’s are offering supporting signals in an overall bullish trend which has topped at 1.5090, monthly highs ahead of the 1.51 handle.