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24 Aug 2015
EUR/AUD in parabolic mode, fresh high at 1.5715
FXStreet (Bali) - EUR/AUD remains in parabolic mode, last breaking through 1.57, highest at 1.5715, after an early spike of over 1.5 cents in early Asia, with the dynamics of EUR strength and AUD weakness being a toxic combination for EUR/AUD bears, or a glorious one if one is savvy enough to have played long bets.
EUR/AUD in state of buying climax
The latest rise in EUR/AUD makes it 4 consecutive days of strong gains, with the rate up over 7 cents since the heavy buying first originated last Aug 18th, translating on an average of potentially up to 2 cents of appreciation per day, should the same buying dynamics persists for the rest of the day. Risk-off conditions should warrant the bid tone remains pretty solid in the pair.
EUR/AUD technicals
While on the upside the sky looks blue until 1.58, the overstretched trend warrants caution, as a pullback should be due at some point sooner or later. Should the retracement materialize, 1.56 is the first minor support, while 1.55 Jan 2014 highs, should act as solid support next. That said, as long as above the 1.52, the market should remain on a bullish technical profile.
EUR/AUD in state of buying climax
The latest rise in EUR/AUD makes it 4 consecutive days of strong gains, with the rate up over 7 cents since the heavy buying first originated last Aug 18th, translating on an average of potentially up to 2 cents of appreciation per day, should the same buying dynamics persists for the rest of the day. Risk-off conditions should warrant the bid tone remains pretty solid in the pair.
EUR/AUD technicals
While on the upside the sky looks blue until 1.58, the overstretched trend warrants caution, as a pullback should be due at some point sooner or later. Should the retracement materialize, 1.56 is the first minor support, while 1.55 Jan 2014 highs, should act as solid support next. That said, as long as above the 1.52, the market should remain on a bullish technical profile.