Forex: EUR/AUD on fresh session highs following bad Aussie confidence data

FXstreet.com (Barcelona) - Following just released worst NAB business confidence data in Australia since April 2009, AUDUSD is having a hit while EURAUD is pushing higher to currently fresh session highs last at 1.2355. The cross is higher by +0.25% for the week so far, recovering from an opening gap lower Monday to a fresh 14-day low at 1.2284.

Market talk on possible lower RBA rates and central bank intervention in order to bring down Aussie exchange rate, considered to be too high for exports, are making the rounds, while AUDUSD is printing fresh session lows last at 1.0473, and local share markets showing a mixed picture, with Nikkie index slightly lower by -0.16%. Focus on German ZEW at 10:00 GMT along with Eurogroup meetings all day long will be next biggest risk event ahead for Euro.

Immediate resistance to the upside for EURAUD once above current levels as previous Thursday's lows, show at Friday's highs 1.2385, followed by Nov 22 highs/200 day SMA at 1.2417/27, and Dec 05 lows at 1.2469. To the downside, nearest term support lies at Nov 28 lows 1.2334, followed by Monday's and fresh 14-day lows at 1.2284, and Nov 20 lows at 1.2255.