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EUR/AUD advanced again capped below 1.3450

FXstreet.com (Barcelona) - After trading as high as 1.3445 early in the Asia session, the EUR/AUD was unable penetrate 1.3450 resistance level for a second day in a row as the pair edged slight much of the day to finish down 42 pips at 1.3376. Later in the session, we will see the AUD Construction Work Done figure due out at 1:30GMT.

According to analysts at NAB Global, “local data focus heats up from today with the first of the quarterly partials, Construction Work Done for Q1 due at 11.30. To date it’s been a mix of strong and weak sectors and this one will have vestiges of that but overall soft we suspect. Residential investment may be only modestly positive at best, non-residential flatter, while engineering construction is volatile within a trend that’s peaking soon. We have a pick of flat in the quarter with the market +1% but given the potential for swings makes this one especially hard to pick.”

The FXStreet.com Trend Index remains Slightly Bullish on the daily chart, while the OB/OS index reads extremely overbought. The RSI (14) is currently sitting at 76 which is the upper portion of the 40-80 bullish range. However, it should be noted given the strong uptrend the pair is in, any correction will drop the RSI (14) back towards 60 very quickly which means declines may be limited. Initial support sits at 1.3327 (previous day low), followed by 1.3290 (the 9dma). First resistance sits at 1.3397 (the 50dma on 1 hour chart), followed by 1.3450 (high price of previous two days).

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