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Forex: EUR/AUD back to flat for the week around 1.2450

By FXstreet.com,  January 08, 2013, 06:48:00 PM EDT

FXstreet.com (Barcelona) - Less than 1 hour away from key risk event of the season today in Asia-Pacific, the Australian retail trade numbers, EUR/AUD is currently back below starting weekly price at 1.2445 last, retracing from yesterday's weekly high 1.2532. The cross had bounced Monday in late London trade at 1.2406 on Aussie weakness.

Euro weakness was the case in Tuesday's EUR/AUD move lower, in the back of France downgrade rumors, despite Japan's intentions to load on ESM bonds, officials said yesterday. 200 day SMA lies at 1.2414, having worked as support in Monday's lows, while 38.2% Fibo retrace of leg up from all time lows 1.16 to Oct highs 1.28 lies at 1.2370.

Immediate support to the downside for EUR/AUD lies at Monday's lows/200 day SMA 1.2406/14, followed by Sept 05 highs at 1.2391, and Nov 28 lows at 1.2335. To the upside, nearest term resistance shows at yesterday's highs 1.2532, followed by Sept 19/Dec 03 highs at 1.2545/53, and Oct 19 lows at 1.2582.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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