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26 Mar 2013
Forex: EUR/AUD to fresh 4-month lows sub-1.23 on EU's Dijsselbloem comments
FXstreet.com (Barcelona) - EUR/AUD is currently at 1.2289, following the biggest single day fall in the month from yesterday's highs at 1.2495, leaving behind 200 day SMA at 1.2415 last. The cross is down -1.16% for the week so far, off recent fresh 2013 lows at 1.2272, lowest since late Nov. Euro is the weakest currency among majors for last 2 trading days, following developments in Cyprus, while Aussie is third strongest one, below Yen and Kiwi. RBA Gov Stevens is due to speak at the Australian Securities and Investments Commission (ASIC) Annual Forum in Sydney, at 04:45 GMT.
The EUR/USD had a lift yesterday in early Asian weekly open in the back of the Cyprus bailout deal agreement, but euphoria was short lived once EU's chairman Jeroen Dijsselbloem started telling Reuters and the Financial Times some comments on troubled banks recapitalization that were understood as if “the agreement to bail-in uninsured depositors could act as the template for future resolutions of vulnerable banks elsewhere,” said Peter Jolly, Global Head of Research at the NAB.
Immediate support to the downside for EUR/AUD lies at recent fresh 4-month lows 1.2275, followed by Nov 20 lows at 1.2258, and Sept 07 lows at 1.2232. To the upside, closest resistance shows at Friday's/Thursday's lows 1.2343/37, followed by Jan 10 lows at 1.2357, and March 18 lows/200 day SMA at 1.2427/15.
The EUR/USD had a lift yesterday in early Asian weekly open in the back of the Cyprus bailout deal agreement, but euphoria was short lived once EU's chairman Jeroen Dijsselbloem started telling Reuters and the Financial Times some comments on troubled banks recapitalization that were understood as if “the agreement to bail-in uninsured depositors could act as the template for future resolutions of vulnerable banks elsewhere,” said Peter Jolly, Global Head of Research at the NAB.
Immediate support to the downside for EUR/AUD lies at recent fresh 4-month lows 1.2275, followed by Nov 20 lows at 1.2258, and Sept 07 lows at 1.2232. To the upside, closest resistance shows at Friday's/Thursday's lows 1.2343/37, followed by Jan 10 lows at 1.2357, and March 18 lows/200 day SMA at 1.2427/15.