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29 Jul 2014
EUR/AUD: 1.4300 resistance is a hard nut to crack
FXStreet (Moscow) - EUR/AUD settled marginally below the pivotal resistance of 1.4300 after a failed attempt to break higher; current Asian high is set at 1.4303.
Good try
EUR/AUD consolidated with subtle bearish bias on Monday as markets were particularly quiet. Tuesday brought some life to the cross as it tried to break above the pivotal resistance of 1.4300 on the back of aussie weakening across the board. Though bullish momentum was not strong enough for a sustained breakthrough and the cross returned below the above said pivot. Later during the day EUR/AUD is likely to be rangebound as lack of good triggers make investors highly indecisive. The key resistance to watch is still 1.4300. A sustained breakthrough might get the pair to the local resistance of 1.4320. The support is seen at 1.4262.
What price levels and patterns have to be considered?
Current price is 1.4297, with resistance ahead at 1.4306 (Daily High), 1.4312 (Daily Classic R1), 1.4315 (Yesterday's High), 1.4316 (Weekly Classic PP) and 1.4334 (Weekly High).
Next support to the downside can be found at 1.4291 (Daily Classic PP), 1.4289 (Daily Open), 1.4288 (Hourly 20 EMA), 1.4282 (Hourly 100 SMA) and 1.4272 (Daily Low).
Good try
EUR/AUD consolidated with subtle bearish bias on Monday as markets were particularly quiet. Tuesday brought some life to the cross as it tried to break above the pivotal resistance of 1.4300 on the back of aussie weakening across the board. Though bullish momentum was not strong enough for a sustained breakthrough and the cross returned below the above said pivot. Later during the day EUR/AUD is likely to be rangebound as lack of good triggers make investors highly indecisive. The key resistance to watch is still 1.4300. A sustained breakthrough might get the pair to the local resistance of 1.4320. The support is seen at 1.4262.
What price levels and patterns have to be considered?
Current price is 1.4297, with resistance ahead at 1.4306 (Daily High), 1.4312 (Daily Classic R1), 1.4315 (Yesterday's High), 1.4316 (Weekly Classic PP) and 1.4334 (Weekly High).
Next support to the downside can be found at 1.4291 (Daily Classic PP), 1.4289 (Daily Open), 1.4288 (Hourly 20 EMA), 1.4282 (Hourly 100 SMA) and 1.4272 (Daily Low).