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Forex: EUR/AUD finds support at 200 day SMA; limited below 1.25

By FXstreet.com,  January 07, 2013, 06:12:00 PM EDT

FXstreet.com (Barcelona) - EUR/AUD is currently at 1.2491, still limited below the 1.25 round mark, off its fresh weekly high at 1.2508 printed in early NY session. The cross found support at the 200 day SMA around the 1.2416, printing weekly lows at 1.2406, moments before NY open, now up +0.17% for the week so far.

Australian trade balance will be released today at 00:30 GMT as main risk event for the session ahead, once AIG construction index for Aus showed a poor result at 38.8, fourth consecutive month better, but still way below the 50 level that indicates expansion. Current Aussie strength, with AUD/USD near session highs at 1.0510, is pressing EUR/AUD lower, last at 1.2487.

Immediate support to the downside for EUR/AUD lies at Thursday's lows 1.2440, followed by Monday's lows/200 day SMA at 1.2416/06, and Nov 15 highs at 1.2399. To the upside, nearest term resistance shows at mentioned recent weekly highs 1.2508, followed by Oct 31 highs 1.2534, and Dec 03 highs at 1.2545.




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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