Forex: EUR/AUD back below 1.26 prints fresh 10-day lows
FXstreet.com (Barcelona) - EURAUD keeps making lower lows since year started, now around the 1.2555 level, -1.51% lower for the week. Aussie has strengthened more than Euro from yesterday's US "fiscal cliff" deal, and what is more important, has not given up gains, sitting at current 1.0505 slightly off weekly highs at 1.0529, while EURUSD is back below 1.32, following a new weekly high yesterday at 1.33 round.
Slightly lower than expected German PMI at 46 when 46.3 was the consensus, still below the key 50 level though, seems to be behind such disparity between Aussie and Euro, following a massive +2.54% gain in US SP500 index, as risk takers have jumped in the equity markets, which also helps Aussie. Gold also closed in NY into the positive territory, up +0.88% for the day, off 2013 highs so far at $1695.
Immediate support to the downside for EURAUD lies at current levels as Dec 03 highs 1.2555, followed by Dec 05 highs at 1.2525, and Dec 17 highs at 1.2508. To the upside, nearest term resistance comes at Dec 20 lows 1.2586, followed by Dec 24 lows at 1.2653, and Dec 21 highs at 1.2700.
Slightly lower than expected German PMI at 46 when 46.3 was the consensus, still below the key 50 level though, seems to be behind such disparity between Aussie and Euro, following a massive +2.54% gain in US SP500 index, as risk takers have jumped in the equity markets, which also helps Aussie. Gold also closed in NY into the positive territory, up +0.88% for the day, off 2013 highs so far at $1695.
Immediate support to the downside for EURAUD lies at current levels as Dec 03 highs 1.2555, followed by Dec 05 highs at 1.2525, and Dec 17 highs at 1.2508. To the upside, nearest term resistance comes at Dec 20 lows 1.2586, followed by Dec 24 lows at 1.2653, and Dec 21 highs at 1.2700.
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