17 Jun 2014
EUR/AUD bulls threaten to break 1.4500 resistance
FXStreet (Moscow) - EUR/AUD spiked to new highs of 1.4498 on the back of rather dovish RBA minutes; the bullish aim at 1.4500 resistance and they have a good chance to break it.
Driven by Aussie sell-off
EUR/AUD continues to move within a mid-term bearish trend that has started in the end of January. The cross lost nearly 200 pips last week as the Aussie was on the ride. The bespoke support of 1.4400 capped the downside and triggered some profit-taking that helped the pair to start the upside correction. Negative AUD/USD dynamics provides EUR/AUD with further bullish momentum that may take the cross above the initial resistance of 1.4500. Once it is broken, the upside may be extended to 1.4550. The downside setbacks might be limited by 1.4400.
What price levels and patterns have to be considered?
Current price is 1.4500, with resistance ahead at 1.4502 (Hourly 200 SMA), 1.4503 (Daily High), 1.4511 (Daily Classic R2), 1.4554 (Daily Classic R3) and 1.4563 (Weekly Classic R1).
Next support to the downside can be found at 1.4473 (Daily Classic R1), 1.4467 (Yesterday's High), 1.4462 (Weekly Classic PP), 1.4453 (Weekly High) and 1.4446 (Hourly 20 EMA).
Driven by Aussie sell-off
EUR/AUD continues to move within a mid-term bearish trend that has started in the end of January. The cross lost nearly 200 pips last week as the Aussie was on the ride. The bespoke support of 1.4400 capped the downside and triggered some profit-taking that helped the pair to start the upside correction. Negative AUD/USD dynamics provides EUR/AUD with further bullish momentum that may take the cross above the initial resistance of 1.4500. Once it is broken, the upside may be extended to 1.4550. The downside setbacks might be limited by 1.4400.
What price levels and patterns have to be considered?
Current price is 1.4500, with resistance ahead at 1.4502 (Hourly 200 SMA), 1.4503 (Daily High), 1.4511 (Daily Classic R2), 1.4554 (Daily Classic R3) and 1.4563 (Weekly Classic R1).
Next support to the downside can be found at 1.4473 (Daily Classic R1), 1.4467 (Yesterday's High), 1.4462 (Weekly Classic PP), 1.4453 (Weekly High) and 1.4446 (Hourly 20 EMA).