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EUR/AUD adds to gains, trading at highest levels since Nov 2011

FXstreet.com (Barcelona) - The EUR/AUD finished the week on a strong note, at one point trading as high as 134.35 (highest level since Nov 2011) and finishing up 130 pips at 134.03.

Thus far during Asia trade the pair is continuing to add to previous gains, up another 10 pips at 1.3410 and printing a new high for the move of 1.3443. Economic data out of Europe at the end of last week came in better than expected which could have been an additional catalyst for the pairs. According to Sean Callow of Westpac Global, “the German IFO business survey rose to 105.7 in May from 104.4 in April (consensus 104.4), on the back of a jump in current conditions (from 107.3 to 110.0), while expectations were flat. And GfK consumer confidence rose to 6.5, up from 6.2 in May and the highest in 5 years. These numbers aren’t spectacular but suggest some stabilisation in German sentiment after a weaker Q1 (where German GDP growth was confirmed at 0.1%, with stronger consumer spending offsetting falls in exports and business investment.”

The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS index reads overbought. Short term moving averages on the daily chart remain bullish, with price above both the upward sloping 9 and 20 dma’s. Initial support sits at 1.3388 (the 20dma on 1 hour chart), followed by 1.3342 (the 50dma on 1 hour chart). First resistance sits at 1.3443 (high of session).

AUD/USD slightly lower for the weekly start

AUD/USD is last near session lows at 0.9627, down from previous weekly close Friday around the 0.9652 level, with US and UK markets closed for holiday in the coming hours ahead. AUD/USD is down -7.36% lower year to date, and -8.09% in last 6 months.
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EUR/USD have turned lower for the session being last at 1.2922 near session lows, after a weekly start into the positive, printing session highs at 1.2946 in very early interbank market. The pair is down -2.07% year to date, and -1.49% in last 6 months.
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