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13 Apr 2015
EUR/AUD bids come in on Chinese data release
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.3938 with a high of 1.3942 and a low of 1.3795.
EUR/AUD has spiked up on the back of the recent Chinese data that came in recently on the hour. The Aussies has suffered across the board as a result in an otherwise relatively quiet start to the trading week in Asia. The numbers were a big miss, and came in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms).
Technically, the cross is going to be subject to key technical levels in the EUR/USD and the Aussie which are both in the region of oversold territory vs a strong bearish trend. The cross specifically finds support at 1.3720 and 1.4400 on the upside as key resistance. A break of 1.4000 on any follow through in volume on this move could open up 1.4070 as a realistic target for the week near term, depending on data flows and price action else where as we progress.
EUR/AUD has spiked up on the back of the recent Chinese data that came in recently on the hour. The Aussies has suffered across the board as a result in an otherwise relatively quiet start to the trading week in Asia. The numbers were a big miss, and came in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms).
Technically, the cross is going to be subject to key technical levels in the EUR/USD and the Aussie which are both in the region of oversold territory vs a strong bearish trend. The cross specifically finds support at 1.3720 and 1.4400 on the upside as key resistance. A break of 1.4000 on any follow through in volume on this move could open up 1.4070 as a realistic target for the week near term, depending on data flows and price action else where as we progress.