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7 Jan 2015
EUR/AUD consolidating in neutral/bearish territory below pivot
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.4667 having made a high of 1.4671 and a low of 1.4661 in the hand over from that had recovered the losses over night from1.4730 down to 1.4640.
EUR/AUD is in neutral and consolidating the bearish trend set from above 1.5300 post the rally that took the pair out of the 1.4200-1.4600 range set in September until December. The cross made a full cents recovery off the 1.4620 support until supply came on with reasonable offers between 1.47 and 1.4730.
Technically, the neutral conditions see the pair trading within familiar ranges around the pivot of 1.469, but overall the cross remains offered below EMA 5, 147.95. Should the pair break to the downside, SMA 200 at 1.4550 may offer a strong support area. Fundamentals remain with risks around the Central Banks. The ECB is set to embark upon further QE while the RBA is being closely monitored in respect of when it might be required to take action over a slowing Australian economy.
EUR/AUD is in neutral and consolidating the bearish trend set from above 1.5300 post the rally that took the pair out of the 1.4200-1.4600 range set in September until December. The cross made a full cents recovery off the 1.4620 support until supply came on with reasonable offers between 1.47 and 1.4730.
Technically, the neutral conditions see the pair trading within familiar ranges around the pivot of 1.469, but overall the cross remains offered below EMA 5, 147.95. Should the pair break to the downside, SMA 200 at 1.4550 may offer a strong support area. Fundamentals remain with risks around the Central Banks. The ECB is set to embark upon further QE while the RBA is being closely monitored in respect of when it might be required to take action over a slowing Australian economy.