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14 Aug 2013
EUR/AUD can't break above 1.46 despite Aussie weakness
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4581 off recent session and double weekly high 1.4603, unable to move any higher despite last Aussie weakness.
EUR/AUD losing the bullish bias
“As the market comes down after forming a head and shoulders seen in the 4H chart, it is losing the bullish bias,” said CMT and FXTimes analyst Fan Yang, adding: “However, we can’t say it is bearish just yet as price remains above some key support factors.” For Andrew Spencer at IFRMarkets “conflicting signals suggest consolidation,” Spencer said.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session lows/Monday's Asian session highs 1.4545, followed by Friday's lows at 1.4478, and Monday's weekly lows at 1.4448. To the upside, closest resistance shows at mentioned double weekly high 1.4603/07, followed by August 08 lows at 1.4665, and Friday's highs at 1.4736.
EUR/AUD losing the bullish bias
“As the market comes down after forming a head and shoulders seen in the 4H chart, it is losing the bullish bias,” said CMT and FXTimes analyst Fan Yang, adding: “However, we can’t say it is bearish just yet as price remains above some key support factors.” For Andrew Spencer at IFRMarkets “conflicting signals suggest consolidation,” Spencer said.
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at recent session lows/Monday's Asian session highs 1.4545, followed by Friday's lows at 1.4478, and Monday's weekly lows at 1.4448. To the upside, closest resistance shows at mentioned double weekly high 1.4603/07, followed by August 08 lows at 1.4665, and Friday's highs at 1.4736.