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6 Aug 2013
EUR/AUD retracing from 1.4846 resistance
FXstreet.com (Chicago) - EUR/AUD accumulated 0.41% losses since opening of Monday’s trading journey in Asia.
The economic recovery in the Euro-zone remained slow as data revealed negative growth in retail sales. In Australia, market participants await housing and trade balance data as well as the decision by the Reserve Bank of Australia concerning interest rates.
Price action indicated the pair retraced from 1.4846 immediate resistance as it traded at 1.4841. Completing the upside analysis, additional resistances at 1.4904 (July 31st highs) and 1.4939 (August 2nd highs) are observed. On the downside, supports are seen at 1.4816 (August 2nd lows) ahead of 1.4711 (August 1st lows) and 1.4649 (July 31st lows). The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis as MACD and CCI pointed down.
The economic recovery in the Euro-zone remained slow as data revealed negative growth in retail sales. In Australia, market participants await housing and trade balance data as well as the decision by the Reserve Bank of Australia concerning interest rates.
Price action indicated the pair retraced from 1.4846 immediate resistance as it traded at 1.4841. Completing the upside analysis, additional resistances at 1.4904 (July 31st highs) and 1.4939 (August 2nd highs) are observed. On the downside, supports are seen at 1.4816 (August 2nd lows) ahead of 1.4711 (August 1st lows) and 1.4649 (July 31st lows). The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis as MACD and CCI pointed down.