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19 May 2014
EUR/AUD pressing higher at key 1.4700 levels
FXStreet (Guatemala) - EUR/AUD is trading at 1.4690, up 0.44% on the day, having posted a daily high at 1.4696 and low at 1.4604.
EUR/AUD has been pressing on higher with AUD weakness across the board and testing the daily forces of the longer term bear trend. Lee Hardman, analyst at the Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the Australian dollar weakened modestly in the Asian trading session reflecting investor concerns over the weakening growth outlook in China. “The Shanghai Composite index has declined overnight by just over 1.0% remaining close to its lows recorded so far this year. Weakness is also evident in the price of iron ore which has declined by around 25% so far in 2014 and has fallen to its lowest level since September 2012”.
EUR/AUD Levels
Spot is presently trading at 1.4692, and next resistance can be seen at 1.4696 (Daily High), 1.4696 (Weekly High), 1.4704 (Yesterday's High), 1.4707 (Hourly 200 SMA) and 1.4733 (Weekly Classic R1). Support below can be found at 1.4682 (Daily Classic R1), 1.4663 (Hourly 20 EMA), 1.4649 (Daily Classic PP), 1.4648 (Weekly Classic PP) and 1.4636 (Hourly 100 SMA).
EUR/AUD has been pressing on higher with AUD weakness across the board and testing the daily forces of the longer term bear trend. Lee Hardman, analyst at the Bank of Tokyo-Mitsubishi UFJ, Ltd explained that the Australian dollar weakened modestly in the Asian trading session reflecting investor concerns over the weakening growth outlook in China. “The Shanghai Composite index has declined overnight by just over 1.0% remaining close to its lows recorded so far this year. Weakness is also evident in the price of iron ore which has declined by around 25% so far in 2014 and has fallen to its lowest level since September 2012”.
EUR/AUD Levels
Spot is presently trading at 1.4692, and next resistance can be seen at 1.4696 (Daily High), 1.4696 (Weekly High), 1.4704 (Yesterday's High), 1.4707 (Hourly 200 SMA) and 1.4733 (Weekly Classic R1). Support below can be found at 1.4682 (Daily Classic R1), 1.4663 (Hourly 20 EMA), 1.4649 (Daily Classic PP), 1.4648 (Weekly Classic PP) and 1.4636 (Hourly 100 SMA).