New EURAUD Record Low After RBA Holds Rate
The Australian dollar gained strongly versus the EUR and the cross fell to what is a new EURAUD record low; AUD likewise reached a six-month high against the greenback at 1.0822. EURAUD has hit a record low today of 1.2132 at the time of writing. The Reserve Bank of Australia (RBA) held the key rate on the back of two previous consecutive cuts and went against analyst expectations. The Australian economy is thought to be in a relatively fit state to gain from any US and European up-turn if a deal can be found between Greece and the private debt holders they are currently negotiating with.
The latest COT report futures data from the CFTC revealed Euro (net short) positions totalled 157,546 while AUD (net long) positions increased for a sixth consecutive week to 78,044.
EURAUD Technical Overview
- The bias is still to the downside and the 1.2 psychological level round number is eyed by EURAUD bears.
- Price had tested the tenkan sen 9 period dynamic median level, on Friday, after breaking below the support trend line two days earlier.
- The previous support at 1.2227 (17/1/2012 daily low) could potentially see resistance on a move higher. Further to this is the confluence of 61.8% Fibonacci retrace of 1.24798 – 1.21326 and a retest of the broken support trend line which is closely aligned at present.
- Average 60 day range is 114 pips with today hitting 115 pips at the intra-day extreme.
EURAUD Daily Chart
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