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Forex: EUR/AUD ride higher capped below 1.24, 200 DMA

By FXstreet.com,  November 15, 2012, 08:58:00 PM EDT

FXstreet.com (Barcelona) - EUR/AUD is currently at 1.2357 retracing from fresh 8-day highs at 1.2399 printed by mid NY session, right below 200 DMA at 1.2414. The cross is higher by +3.1% since current bounce started two days ago from fresh 2-month lows at 1.2160, fueled on Aussie weakness.

"Corrective bounce seen last two sessions remain strong and now eyeing the 200-day MA line, which coincides with the daily resistance line from 8-Oct's high at 1.2411, and need clearance to expose more upside potential," say FXMarketAlerts Team, adding: "Failure to do so will provide opportunity for bears to reverse current gain." Recent comments from IMF pointing for accommodative RBA stance as appropriate, as having more room for easing further, wont play in AUD favor.

Immediate resistance to the upside for EUR/AUD shows at recent 8-day highs 1.2399, followed by Nov 01 lows/200 day SMA at 1.2425/15, and Oct 26/29/30 lows at 1.2452/7. To the downside, closest support lies at Sept 27 lows/Nov 07 highs 1.2328/19, followed by Sept 14 lows at 1.2295, and Nov 08/09 highs/yesterday's lows at 1.2265/70.




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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