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1 Oct 2013
EUR/AUD suffocates at double-tops; plunges to 1.4486 bottoms
FXstreet.com (Chicago) - EUR/AUD reached 1.4555 but was unable to breathe on bearish pressure that sent the pair back below 1.45 to print 1.4486 session lows after the release of better than expected Australian data.
Data reactions
Retail sales in Australia were 0.4% vs. past 0.1% and expected 0.3% surprising and triggering a knee-jerk reaction favoring the Aussie. Ahead of the RBA interest rate decision with a present 2.5% estimate and prior number, bulls support the heavy selling reaction as the pair seems to find grounds close to 1.45.
EUR/AUD Technical Levels
Technically speaking, the pair trades at 1.4493 and oscillates between supports at 1.4487 (September 26th highs), 1.4385 (September 28th lows) ahead of 1.4331 (September 24th lows) and the resistances set at 1.4554 (September 27th highs), 1.46 (August 15th highs) followed by 1.4661 (August 30th lows).
Data reactions
Retail sales in Australia were 0.4% vs. past 0.1% and expected 0.3% surprising and triggering a knee-jerk reaction favoring the Aussie. Ahead of the RBA interest rate decision with a present 2.5% estimate and prior number, bulls support the heavy selling reaction as the pair seems to find grounds close to 1.45.
EUR/AUD Technical Levels
Technically speaking, the pair trades at 1.4493 and oscillates between supports at 1.4487 (September 26th highs), 1.4385 (September 28th lows) ahead of 1.4331 (September 24th lows) and the resistances set at 1.4554 (September 27th highs), 1.46 (August 15th highs) followed by 1.4661 (August 30th lows).