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3 Oct 2013
EUR/AUD back to zero gains at 1.4460 zone; 50% Fibo
FXstreet.com (Chicago) - EUR/AUD advanced throughout the beginning of the Asian session almost reaching 1.4545. With the opening of Europe and Draghi’s comments, the pair extended a bearish channel finding grounds around the 1.4450 zone.
No dovishness?
Draghi’s comments on ECB press conference: “Since the summer of 2012 substantial progress has been made in improving the funding situation of banks and, in particular, in strengthening the domestic deposit base in a number of stressed countries.”
“According to Eurostat’s flash estimate, and broadly in line with expectations, euro area annual HICP inflation decreased in September 2013 to 1.1%, from 1.3% in August. On the basis of current futures prices for energy, annual inflation rates are expected to remain at such low levels in the coming months.”
“Following six quarters of negative output growth, euro area real GDP rose, quarter on quarter, by 0.3% in the second quarter of 2013, also supported by temporary factors related to unusually adverse weather conditions in some euro area countries earlier this year.”
In Australia, market participants wait for AiG performance of service index in September.
EUR/AUD Technical Levels
Technically speaking, the pair trades at 1.4463, 50% Fibo from earlier lows, navigating between supports aligned 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). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
No dovishness?
Draghi’s comments on ECB press conference: “Since the summer of 2012 substantial progress has been made in improving the funding situation of banks and, in particular, in strengthening the domestic deposit base in a number of stressed countries.”
“According to Eurostat’s flash estimate, and broadly in line with expectations, euro area annual HICP inflation decreased in September 2013 to 1.1%, from 1.3% in August. On the basis of current futures prices for energy, annual inflation rates are expected to remain at such low levels in the coming months.”
“Following six quarters of negative output growth, euro area real GDP rose, quarter on quarter, by 0.3% in the second quarter of 2013, also supported by temporary factors related to unusually adverse weather conditions in some euro area countries earlier this year.”
In Australia, market participants wait for AiG performance of service index in September.
EUR/AUD Technical Levels
Technically speaking, the pair trades at 1.4463, 50% Fibo from earlier lows, navigating between supports aligned 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). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.