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7 Mar 2014
EUR/AUD testing support of rising channel
FXStreet (Guatemala) - EUR/AUD had scored a high of 1.5278 post the ECB press conference and rallies in the euro. We are know paying attention to RBA’s Stevens who is in the House of Representatives delivering his twice yearly assessment on the economy.
EUR/AUD was tracking higher post ECB and bullish around the euro. With Stevens speaking, it was a slow reaction from markets to anything being said but now we are seeing some movement. The cross is testing the channel support line at 1.5240. What we have been given so far is as follows:
Further decline in Australia Terms of Trade, Inflation outlook a little higher than before, Outlook contains many uncertainties, Q4 GDP data does not change view of growth below trend, Decline in mining investment to accelerate, Consumers unlikely to drive growth like before crisis, Non-mining investment is bound to pick up at some stage and Exchange rate high by historical standard. There are plenty of headlines that are rolling in…more here.
EUR/AUD was tracking higher post ECB and bullish around the euro. With Stevens speaking, it was a slow reaction from markets to anything being said but now we are seeing some movement. The cross is testing the channel support line at 1.5240. What we have been given so far is as follows:
Further decline in Australia Terms of Trade, Inflation outlook a little higher than before, Outlook contains many uncertainties, Q4 GDP data does not change view of growth below trend, Decline in mining investment to accelerate, Consumers unlikely to drive growth like before crisis, Non-mining investment is bound to pick up at some stage and Exchange rate high by historical standard. There are plenty of headlines that are rolling in…more here.