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29 Aug 2013
The EUR/AUD hits upside target above 1.5020 and shows signs of reversing
FXstreet.com (Barcelona) - With the Aussie Dollar getting hammered recently, the EUR/AUD was able to make its way all the way up to technical targets just above 1.5020 before reversing lower Wednesday.
Aussie hit Wednesday on reversal in the risk trade; selling ramps up early Thursday
The rumors / news that the Obama Administration would follow US and international protocol prior to launching any attack on Syria was enough to force the partial reversal of the “risk-off” trade that has dominated the action in markets recently. A big part of that trade was to be short of the Australian Dollar against nearly every other currency. So, the reversal of that trade is being felt in anything having to do with the Aussie Dollar – including seeing the EUR/AUD turn and head lower. The EUR/AUD hovering at around 1.4876 – down from 1.4918 at the close but off the lows of 1.4849.
Technical outlook for EUR/AUD
Technicians say that since EUR/AUD appears to have topped at 1.5029 short-term that a pullback to at least 1.4352 – the 23.6% Fibonacci retracement of the 11/13/12 to 8/29/13.
Aussie hit Wednesday on reversal in the risk trade; selling ramps up early Thursday
The rumors / news that the Obama Administration would follow US and international protocol prior to launching any attack on Syria was enough to force the partial reversal of the “risk-off” trade that has dominated the action in markets recently. A big part of that trade was to be short of the Australian Dollar against nearly every other currency. So, the reversal of that trade is being felt in anything having to do with the Aussie Dollar – including seeing the EUR/AUD turn and head lower. The EUR/AUD hovering at around 1.4876 – down from 1.4918 at the close but off the lows of 1.4849.
Technical outlook for EUR/AUD
Technicians say that since EUR/AUD appears to have topped at 1.5029 short-term that a pullback to at least 1.4352 – the 23.6% Fibonacci retracement of the 11/13/12 to 8/29/13.