FxWirePro: EUR/AUD sees strong support at 1.47 levels, weakness only on breaks below
News of terror attack in Brussels overshadows upbeat German IFO and PMI data, Euro remains under pressure. The German IFO indices – current assessment, business climate indicator and expectations – printed higher than es…
News of terror attack in Brussels overshadows upbeat German IFO and PMI data, Euro remains under pressure.
The German IFO indices – current assessment, business climate indicator and expectations – printed higher than estimates. Furthermore, Eurozone preliminary PMI figure was better-than-expected as well.
EUR/AUD hits session lows at 1.4727, slips below 5-DMA support at 1.4808.
Pair is extending consolidation after bounce from 1.4467, and sees strong support at 1.47 levels.
Techs are biased higher, breaks above 1.50 could see upside. We see further weakness only on breaks below 1.47, pair could then test 1.4595 levels.
Immediate support and resistance are located at 1.47 (trendline) and 1.4898 (Mar 21st highs) respectively.
