FxWirePro: EUR/AUD extends sideways trade, further downside seen on close below 1.5070
Wednesday, December 23, 2015 3:55 AM UTC
- Range trading continues to dominate in EUR/AUD, pair enters 3rd week of the choppy 1.4945/1.5345 range
- Surprisingly strong bounce in iron ore (up 8.65% since its Dec 11 low of USD37) likely to help the AUD, broadly stable commodity prices and improving risk appetite also support
- Indecisive outcome of the weekend elections in Spain are casting a cloud over the future of economic reforms, weighing on the Euro
- On the daily charts, Stochs have shown a bearish crossover from overbought levels, but we will wait for confirmation to go short
- 10-DMA at 1.5151 is immediate resistance on the upside, while support is seen at 1.5070 trendline and 38.2% Fib of 1.6250-1.4348 fall, close below 1.5070 will take the pair lower, tests of 1.4900 then likely
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