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Forex: EUR/AUD dips to session lows post-RBA

By FXstreet.com,  August 20, 2012, 10:05:00 PM EDT

FXstreet.com (Barcelona) - EUR/AUD is currently at 1.1794 bids off session lows at 1.1790, having a hit right after RBA minutes have been released, with not much news coming from the central bank. The cross retreats from session highs and starting Asia-Pacific session price around the 1.1826, after recovering from current weekly lows yesterday at 1.1774, down for the week now some -0.39%.

As Jamie Saettele from DailyFX notes in his twitter account: "still 'hoping' for 11740 in $EURAUD to buy the dip," the analyst says. Expanding this, the FXMarketAlerts Team add: "Corrective upmove stalled below 1.1855 resistance and going sideways and setback need to sustain above the 1.1770 support to keep this recovery in play. Failure to do so will see bears increasing pressure towards 1.1675 ahead of the stronger level behind at 1.1600," the team concludes.

The analysts at FX MarketAlerts see support in the EUR/AUD cross at: 1.1770 (20 Aug low/6-7 Aug highs), 1.1733 (17 Aug low), and 1.1675 (15 Aug low), while resistance at: 1.1855 (19/27 Jul highs), 1.1936 (18 Jul high), and 1.1995 (16 Jul high).




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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