More from FXstreet.com

Forex: EUR/AUD dealing with ascending trendline above 1.2450

By FXstreet.com,  January 06, 2013, 09:51:00 PM EDT

FXstreet.com (Barcelona) - EUR/AUD is currently at 1.2457, dealing with ascending trendline coming from all time lows around 1.16 printed back in early Aug last year, off second low at 1.2439. First low was printed last Thursday, and second one just few moments ago, on the back of increasing Euro weakness, already into negative territory for the session being, while Aussie is holding up stronger, still flat for the week so far.

This double low so far matches with mentioned ascending trend line, following the retrace from last 3-month high around the 1.28 printed Dec 27, failing to break higher, as a potentially massive inverted head and shoulders pattern was suggesting to, built since late year 2011. Currently Aussie is strongest currency among majors for last 2 trading days, while EUR, GBP and CHF are weakest ones.

Immediate support to the downside for EUR/AUD lies at mentioned session lows 1.2439, followed by Nov 24 highs/200 day SMA at 1.2429/16, and Sept 06/Nov 16 highs - 38.2% Fibo retrace of daily up leg 1.16/1.2835 at 1.2390/70. To the upside, nearest term resistance shows at recent session/Friday's highs 1.2501/15, followed by Jan 02 lows at 1.2546, and Dec 20 lows at 1.2588.




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

Referenced Stocks:



Latest News Video

Interstate 5 Bridge Collapses in Washington State
Interstate 5 Bridge Collapses in Wa...
29 New Jersey Bars Accused of Fraudulent Booze Sales
29 New Jersey Bars Accused of Fraud...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.21 0.10  0.75%
HPQ $ 24.86 3.63  17.10%
SIRI $ 3.545 0.01  0.28%
MU $ 11.39 0.47  4.30%
MSFT $ 34.15 0.46  1.33%
F $ 14.81 0.16  1.07%
QQQ $ 73.45 0.17  0.23%
GE $ 23.66 0.20  0.84%