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2 Jan 2015
EUR/AUD moves away from 3-week lows
FXStreet (Mumbai) - The single currency bounced-back against the Australian dollar, from three-week lows hit 3-week lows reached in the previous session after data showed a drop in commodity prices in Australia.
The EUR/AUD pair now trades at 1.4814 levels, up 0.13% on the day, having recovered from close to three-week low levels of 1.4766 hit in the early Asian morning. The EUR/AUD remains slightly elevated largely after the release of Australian data showing the commodities price index fell y/y by 21.2%, mainly driven by falls in the prices of bulk commodities, compared to an 18.6% fall witnessed in the previous year. The EUR/AUD pair remains vulnerable to downside bias as the single currency continues it’s slid against the US dollar to trade at mutli-year lows.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4876 (Dec 31 High) levels, above which gains could be extended to 1.4903 (Dec 11 Low) levels. On the flip side, support is seen at 1.48 levels, from here it to 1.4742 (Dec 8 Low) levels.
The EUR/AUD pair now trades at 1.4814 levels, up 0.13% on the day, having recovered from close to three-week low levels of 1.4766 hit in the early Asian morning. The EUR/AUD remains slightly elevated largely after the release of Australian data showing the commodities price index fell y/y by 21.2%, mainly driven by falls in the prices of bulk commodities, compared to an 18.6% fall witnessed in the previous year. The EUR/AUD pair remains vulnerable to downside bias as the single currency continues it’s slid against the US dollar to trade at mutli-year lows.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4876 (Dec 31 High) levels, above which gains could be extended to 1.4903 (Dec 11 Low) levels. On the flip side, support is seen at 1.48 levels, from here it to 1.4742 (Dec 8 Low) levels.