FxWirePro: EUR/AUD extends sideways trade, further downside seen on close below 1.5070
Range trading continues to dominate in EUR/AUD, pair enters 3rd week of the choppy 1.4945/1.5345 range Surprisingly strong bounce in iron ore (up 8.65% since its Dec 11 low of USD37) likely to help the AUD, broadly stabl…
Range trading continues to dominate in EUR/AUD, pair enters 3rd week of the choppy 1.4945/1.5345 range
Surprisingly strong bounce in iron ore (up 8.65% since its Dec 11 low of USD37) likely to help the AUD, broadly stable commodity prices and improving risk appetite also support
Indecisive outcome of the weekend elections in Spain are casting a cloud over the future of economic reforms, weighing on the Euro
On the daily charts, Stochs have shown a bearish crossover from overbought levels, but we will wait for confirmation to go short
10-DMA at 1.5151 is immediate resistance on the upside, while support is seen at 1.5070 trendline and 38.2% Fib of 1.6250-1.4348 fall, close below 1.5070 will take the pair lower, tests of 1.4900 then likely
