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Forex: EUR/AUD stalls below 50% Fibo retrace at 1.27

FXstreet.com (Barcelona) - Following massive sell-off in EUR/USD today down -1.1% for the day, EUR/AUD was capped at fresh 5-week highs 1.2741 by very early London trade. The cross has corrected below the 50% Fibo retrace of latest daily down leg from early Feb 2013 highs at 1.3190 to late March double lows at 1.2220, located at 1.2700 round.

Today's China housing index data at 01:30 GMT might have some impact in the Aussie as correlated to Copper, some analyst say, which will be released at the same time than Australia NAB quarterly business confidence, coming lower for five straight months already. All in all, EUR/AUD is up +1.48% for the week so far, given Aussie weakness following recent massive sell-off in commodities, and Euro strength, despite overnights fall.

Immediate support to the downside for EUR/AUD lies at yesterday's lows 1.2622, followed by Tuesday's lows 1.2593, and April 05 highs at 1.2565. To the upside, closest resistance shows at Monday's highs 1.2675, followed by Tuesday's highs at 1.2718, and yesterday's fresh 5-week highs 1.2740.

Forex: Comments from Weidmann reinvigorated EUR bears - FXWW

After what looked like an impressive close above 1.3150 the previous day, EUR/USD was unable to achieve any follow through as comments from European Central Bank officials regarding current interest rates sent the pair tumbling. According to Sean Lee of FXWW: “The comments from Weidmann reinvigorated EUR bears but we are not in a market driven by interest rate plays so I do not expect this to have a lasting impact.”
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