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Forex: EUR/AUD testing ascending trend line above 1.2450

By FXstreet.com,  January 03, 2013, 07:54:00 PM EDT

FXstreet.com (Barcelona) - Worst week so far for EUR/AUD since July 2012, down -2.24% on continued Euro weakness, last at 1.2459, off yesterday's lows at 1.2441. The cross started year 2013 around 1.2710, tanking all the way lower since then, without any major retrace in between.

"Three black crows seen last 3 trading sessions and negative cross-over seen on daily MACD continues to press prices lower within sight of the strong uptrend line, which coincides with the 200-day MA line at the 1.2424/14 region and break will unlease another round of strong selling," say FXMarketAlerts Team.

Immediate support to the downside for EUR/AUD lies at yesterday's lows 1.2441, followed by Nov 23 highs/200 day SMA at 1.2422, and Nov 15 highs at 1.2399. To the upside, closest resistance shows at recent session highs 1.2480, followed by Wednesday's lows at 1.2541, and past Friday's lows at 1.2676.




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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