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Forex EUR/AUD above 1.2700 after Australia data

FXstreet.com (Barcelona) - The EUR/AUD first fell below the 1.2700 to find a low at 1.2682 after the release of Australian data. Then, retracement and a move to 1.2726 high followed. The cross is trading below 1.2720.

Australia HIA new home sales rose 4.2% in March after a -5.3% drop in the prior month. House prices declined -0.5% in April (following +2.8% over Q1), “but as the data is not seasonally adjusted, we prefer to look at the y/y measure, which rose from 2.4% to 2.7% y/y”, said TD Securities analyst Alvin Pontoh, adding that the manufacturing PMI declined 7.7pts to 36.7, lowest in three years, as the high AUD continue to put pressure on manufacturers. RBA Commodity Index SDR narrowed its YoY drop from -7.5% to -6.5% in April.

Mataf.net analysts point to resistance at 1.2720, 1.2740 and 1.2775. On the downside, supports might be found at 1.2680, 1.2640 and 1.2610.

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