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21 May 2014
EUR/AUD keeps making new highs for the week
FXStreet (Bali) - EUR/AUD has extended its Tuesday's bounce by breaking above the last NY high at 1.4815 in early Asia, posting a new 8-day high of 1.4835.
The rise in the pair this week comes as a result of broad-based AUD weakness, with the currency unable to find much buying interest in the last 50 hours of price action, producing a vertical rise that has the potential to extend even further.
According to Jim Langlands, Founder at FXCharts: "The cross continues to recover well from its recent lows and looks to me – if it can take out some minor resistance right ahead at 1.4750 (daily tenkan) – to have the potential to reach the Fibo resistance at around 1.4790 (also daily kijun) and then possibly the top of the descending wedge formation at around 1.4840."
The rise in the pair this week comes as a result of broad-based AUD weakness, with the currency unable to find much buying interest in the last 50 hours of price action, producing a vertical rise that has the potential to extend even further.
According to Jim Langlands, Founder at FXCharts: "The cross continues to recover well from its recent lows and looks to me – if it can take out some minor resistance right ahead at 1.4750 (daily tenkan) – to have the potential to reach the Fibo resistance at around 1.4790 (also daily kijun) and then possibly the top of the descending wedge formation at around 1.4840."