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EUR/AUD extends slide after falling below 200-DMA

FXStreet (Mumbai) - The single currency continues to weaken against the Aussie, after having declined below the 200-DMA level located at 1.4595.

The EUR/AUD pair traded 0.68% lower at 1.4531 at the time of writing. The pair declined below the 200-DMA earlier today after the release of a positive Australian data on capital expenditure and home sales data. The private capital expenditure rose 0.2% in the third quarter, beating expectations for a 1.7% fall, while the new home sales increased by 3.0% in October, after a flat reading in the previous month.

Meanwhile, the losses in the pair were extended further after the European Central Bank President Mario Draghi reiterated readiness on the part of policymakers to do more if needed. Mr. Draghi also said he expects the ECB balance sheet to expand towards early 2012 levels. Moreover, the single currency shrugged-off the German data, which showed unemployment at record low of 6.6% in November.

EUR/AUD Technical Levels

The pair has an immediate support at 1.4526 (Nov. 5 close), under which losses could be extended to 1.4507 (5-DMA). On the flip side, resistance is seen at 1.4594 and 1.4642 levels.

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