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Forex: EUR/AUD capped below 1.2700

By FXstreet.com,  January 14, 2013, 11:39:00 PM EDT

FXstreet.com (Barcelona) - The EUR/AUD cross is still finding trouble below the long term descending trend line coming from May 2012 highs around the 1.30 level, that has worked as resistance three times already since then, last time this Monday, at weekly highs 1.2710, 10 pips above recent session highs.

The cross is last at 1.2670, off mentioned session highs, and about flat for the week, now retracing on Euro weakness, though both AUD/USD and EUR/USD are to the downside as USD is strengthening across the board, along the Yen, following Japanese FinMin Amari words warning on too low levels for the Yen. SP500 futures are also at session lows, while all local share markets but the Nikkei in the red.

Immediate support to the downside for EUR/AUD lies at recent levels as weekly starting price around 1.2660, followed by yesterday's lows at 1.2626, and Jan 08 highs at 1.2532. To the upside, closest resistance shows at mentioned session highs 1.2700, followed by yesterday's highs at 1.2710, and Dec 31 highs at 1.2752.




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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