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2 Jul 2014
EUR/AUD supported on 1.44 handle
FXStreet (Guatemala) - EUR/AUD is trading at 1.4413, up 0.07% on the day, having posted a daily high at 1.4423 and low at 1.4400.
EUR/AUD has bottomed out on the decent to the 1.44 handle and support which came sharp and fierce from the 1.45 handle in an extension of the 1.4540-1.45 drop post the RBA. The RBA left rates on hold as expected, they were again referring to the AUD as being at a high level historically. Meanwhile, the Bank of America Merrill Lynch explained that the ECB has an easy meeting ahead in July. “After the package of measures put forward in June, we expect it to stay on hold. Draghi might provide more clarity on the design and expected impact of the June measures and on how the central bank will ensure funds are channelled to the real economy. We would expect the ECB to signal further action if inflation disappoints, with no mention of sovereign bond purchases, since we believe there is still little consensus on moving into QE”.
EUR/AUD Levels
With spot trading at 1.4413, we can see next resistance ahead at 1.4423 (Daily High), 1.4433 (Daily Classic S2), 1.4441 (Hourly 20 EMA), 1.4471 (Weekly Classic PP) and 1.4474 (Daily Classic S1). Support below can be found at 1.4403 (Weekly Low), 1.4402 (Daily Open), 1.4400 (Daily Low), 1.4398 (Yesterday's Low) and 1.4395 (Daily Classic S3).
EUR/AUD has bottomed out on the decent to the 1.44 handle and support which came sharp and fierce from the 1.45 handle in an extension of the 1.4540-1.45 drop post the RBA. The RBA left rates on hold as expected, they were again referring to the AUD as being at a high level historically. Meanwhile, the Bank of America Merrill Lynch explained that the ECB has an easy meeting ahead in July. “After the package of measures put forward in June, we expect it to stay on hold. Draghi might provide more clarity on the design and expected impact of the June measures and on how the central bank will ensure funds are channelled to the real economy. We would expect the ECB to signal further action if inflation disappoints, with no mention of sovereign bond purchases, since we believe there is still little consensus on moving into QE”.
EUR/AUD Levels
With spot trading at 1.4413, we can see next resistance ahead at 1.4423 (Daily High), 1.4433 (Daily Classic S2), 1.4441 (Hourly 20 EMA), 1.4471 (Weekly Classic PP) and 1.4474 (Daily Classic S1). Support below can be found at 1.4403 (Weekly Low), 1.4402 (Daily Open), 1.4400 (Daily Low), 1.4398 (Yesterday's Low) and 1.4395 (Daily Classic S3).