12 Nov 2013
EUR/AUD grinds slowly downwards on late Asian trading session
FXstreet.com (Athens) – The EUR/AUD has been trading to the upper level since the early start of the Asian session for a consecutive fifth day, but the last couple of hours is running out of upwards steam.
The EUR/AUD was pushed much higher in early Wellington trading session opening, mostly due to the single currency’s short squeezed positions. Thus, the cross touched a high of 1.4358 i.e. gaining approximately 0.6%. What’s more, except for the short-squeeze of the euro positions that pushed hight the cross, the Aussie was also slight pressure in Asian trading session, therefore it added an additional support to the uptrend shift of the cross.
Technical Aspects on the EUR/AUD
The EUR/AUD is moving north but it seems that is still capped by the 61.8% Fibonacci retracement of the downtrend movement of the October to November lows (from 30th October 1.4520 at 7th November to 1.4045), which is laying at 1.4346. If this level is breached, then the cross could move further upwards to the next resistance zone as of 76.4% Fibonacci retracement of the downtrend movement, which currently is residing at the 1.4410 area. Downwards, the initial solid support could be found at the 1.4300 area.
The EUR/AUD was pushed much higher in early Wellington trading session opening, mostly due to the single currency’s short squeezed positions. Thus, the cross touched a high of 1.4358 i.e. gaining approximately 0.6%. What’s more, except for the short-squeeze of the euro positions that pushed hight the cross, the Aussie was also slight pressure in Asian trading session, therefore it added an additional support to the uptrend shift of the cross.
Technical Aspects on the EUR/AUD
The EUR/AUD is moving north but it seems that is still capped by the 61.8% Fibonacci retracement of the downtrend movement of the October to November lows (from 30th October 1.4520 at 7th November to 1.4045), which is laying at 1.4346. If this level is breached, then the cross could move further upwards to the next resistance zone as of 76.4% Fibonacci retracement of the downtrend movement, which currently is residing at the 1.4410 area. Downwards, the initial solid support could be found at the 1.4300 area.