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17 Jun 2013
EUR/AUD testing 1.3850 support on Euro weakness
FXstreet.com (Barcelona) - EUR/AUD is last at 1.3858, off fresh session and weekly lows at 1.3844, down from previous weekly close Friday around the 1.3947, as EUR/USD and AUD/USD have both gone in opposite directions in early Asia-Pacific today.
According to IFR Markets analyst Richard Sexton, the cross has developed a weekly shooting star candle which could end up proving 1.4225-1.4330 level as a strong resistance as it was back in 2011. The analyst suggests to take profits here, and for “aggressive bears,” to look for shorts targeting “50% of latest rally at 1.324,” Sexton said.
Immediate support to the downside for EUR/AUD lies at Friday's lows 1.3810, followed by June 06 lows at 1.3744, and June 05 lows at 1.3702. To the upside, closest resistance shows at Wednesday's lows 1.3877, followed by Friday's highs at 1.3952, and June 10 highs at 1.4055.
According to IFR Markets analyst Richard Sexton, the cross has developed a weekly shooting star candle which could end up proving 1.4225-1.4330 level as a strong resistance as it was back in 2011. The analyst suggests to take profits here, and for “aggressive bears,” to look for shorts targeting “50% of latest rally at 1.324,” Sexton said.
Immediate support to the downside for EUR/AUD lies at Friday's lows 1.3810, followed by June 06 lows at 1.3744, and June 05 lows at 1.3702. To the upside, closest resistance shows at Wednesday's lows 1.3877, followed by Friday's highs at 1.3952, and June 10 highs at 1.4055.