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10 Mar 2014
EUR/AUD works its way deeper into the mid-1.5300
FXStreet (Moscow) - EUR/AUD is on stronger foot on Monday morning in Asia, as the cross touched the current high at 1.5376, but retraced to 1.5353 on profit-taking.
EUR/AUD is on the verge of correction
EUR/AUD stopped falling and regained some ground during the last trading day of the previous week. As the cross finished the week on the pivotal 1.5300 level, the technical picture on the daily chart implies the change of the medium-term direction of the cross. Though we still need a confirmation in the form of another bullish daily candle and a continuation of a higher daily lows series. From the fundamental point of view, this week is rather quiet, but there are still a number of events that may trigger violent market reactions. Namely, the Eurogroup starts its meeting today, so the investors will be waiting for EUR-related comments on the economy and possible geopolitical crisis effects. The Head of the ECB, Draghi, is also scheduled to speak today. Considering all that fuss about the latest monetary policy decision, his comments will be scrutinized for the hints on future ECB actions. On the intraday basis, keep an eye at 1.5300 on the downside and 1.5380-1.5400 on the upside.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5271, with the support at 1.5227, 1.5158 and 1.5114, with resistance above at 1.5340, 1.5384 and 1.5453. Hourly Moving Averages are bullish, with the 200SMA at 1.5310 and the daily 20EMA at 1.5291. Hourly RSI is neutral at 73.
EUR/AUD is on the verge of correction
EUR/AUD stopped falling and regained some ground during the last trading day of the previous week. As the cross finished the week on the pivotal 1.5300 level, the technical picture on the daily chart implies the change of the medium-term direction of the cross. Though we still need a confirmation in the form of another bullish daily candle and a continuation of a higher daily lows series. From the fundamental point of view, this week is rather quiet, but there are still a number of events that may trigger violent market reactions. Namely, the Eurogroup starts its meeting today, so the investors will be waiting for EUR-related comments on the economy and possible geopolitical crisis effects. The Head of the ECB, Draghi, is also scheduled to speak today. Considering all that fuss about the latest monetary policy decision, his comments will be scrutinized for the hints on future ECB actions. On the intraday basis, keep an eye at 1.5300 on the downside and 1.5380-1.5400 on the upside.
What are today’s key EUR/AUD levels?
Today's central pivot point can be found at 1.5271, with the support at 1.5227, 1.5158 and 1.5114, with resistance above at 1.5340, 1.5384 and 1.5453. Hourly Moving Averages are bullish, with the 200SMA at 1.5310 and the daily 20EMA at 1.5291. Hourly RSI is neutral at 73.