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EUR/AUD stabilizes on weak Aussie; bearish under 1.50

FXStreet (Córdoba) - EUR/AUD is giving signals of short-term stabilization on the back of a weak Australian dollar. The pair has been falling constantly since early October and today is rising modestly and it has been able to hold above yesterday’s lows.

EUR/AUD bearish trend intact

On Wednesday it bottomed at 1.4577 hitting the lowest level since early July and today recovered ground. It peaked during the Asian session at 1.4717 after the release of the Capex third quarter report in Australia, that showed a larger-than-expected decline.

Afterwards it moved sideways between 1.4715 and 1.4660 and recently broke to the downside and fell to 1.4645. It was trading at 1.4660/64, posting modest gains.

The trend continues to favor the downside and so far any rally under 1.5000 could be considered a correction. A break above 1.5050, where a downtrend line from September highs stands and also the daily 20-MA, could open the doors for a more consistent recovery.

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