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Forex: EUR/AUD breaks below 1.2400, 200 day SMA

FXstreet.com (Barcelona) - EUR/AUD is last at 1.2364, off recent fresh 2013 lows at 1.2340, printed in mid NY trade. The cross adds relatively Aussie strength to mid term Euro weakness and breaks below the 200 day SMA that had been offering support around the 1.24 handle. The cross is down -1.53% for the week, with Aussie among the strongest currency majors in last 10 days, while Euro is the weakest of all.

Despite the turmoil going on at the moment in PM Gillard ruling party, Aussie managed to break higher overnight to print fresh 6-week highs at 1.0458 USD, while EUR/USD keeps stuck around the 1.29 handle now waiting for later on vote on Cyprus bailout conditions in parliament. Just published Australian CB Leading Index showed third consecutive monthly increase at +0.2%, with not much of a reaction from AUD/USD, now waiting for RBA assistant Malcom Edey to speak at 01:45 GMT.

Immediate support to the downside for EUR/AUD lies at mentioned fresh 3-month low 1.2340, followed by Dec lows 1.2300/1.2295, and Feb/Nov 2012 lows at 1.2160/30. To the upside, closest resistance shows at Tuesday/Wednesday's lows/200 day SMA 1.2400, followed by March 14 lows at 1.2467, and yesterday's/Wednesday's/Tuesday's highs at 1.2490.

Australia: CB Leading Indicator (Jan): 0.2% vs -0.1%

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