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20 Aug 2013
EUR/AUD at the top of last week's range above 1.46
FXstreet.com (Barcelona) - The EUR/AUD foreign exchange cross rate is last trading at 1.4629 near session and weekly highs at 1.4651 printed mostly on the back of Aussie weakness as Euro has been stagnant, few minutes away from RBA minutes at 01:30 GMT.
EUR/AUD needing a break either side of the range
“Very important daily support at 1.4450 was severely tested yesterday, yet it held ,” said FXWW founder Sean Lee, adding: “Topping formation is still relevant but prices will need to stay below 1.4750 for it to remain relevant. Play the edges of this range and next medium-term bias will come from a break either side.”
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at current levels as Friday's highs 1.4630, followed by recent session lows at 1.4595, and August 13 lows at 1.4530. To the upside, closest resistance shows at recent session/weekly highs 1.4651/5, followed by August 08 lows at 1.4665, and August 01 lows at 1.4706.
EUR/AUD needing a break either side of the range
“Very important daily support at 1.4450 was severely tested yesterday, yet it held ,” said FXWW founder Sean Lee, adding: “Topping formation is still relevant but prices will need to stay below 1.4750 for it to remain relevant. Play the edges of this range and next medium-term bias will come from a break either side.”
EUR/AUD key technical levels
Immediate support to the downside for EUR/AUD lies at current levels as Friday's highs 1.4630, followed by recent session lows at 1.4595, and August 13 lows at 1.4530. To the upside, closest resistance shows at recent session/weekly highs 1.4651/5, followed by August 08 lows at 1.4665, and August 01 lows at 1.4706.