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15 Oct 2014
EUR/AUD : Bullish dynamics to allow 1.46 breakout?
FXStreet (Bali) - EUR/AUDis pressing against higher levels in the early going of the Tokyo session, presently at 1.4550 after a daily doji candle printed on Tuesday.
The pair, which saw a brief dip towards its 20-day EMA at 1.4450 on Tuesday, has been recently well protected by a conglomerate of key MAs on the daily, including the 20 (mentioned), 50 and 100 (these 2 around 1.44), keeping buyers in control.
A potential retest of the 200-day EMA at 1.4725/30 should not be discarded in the coming weeks, given the present bullish dynamics, should a break of sticky 1.46 resistance materialize - we had one failed attempt on Oct 13 -. On the downside, as long as price is kept above 1.4280/4300, the structure suggests risks remain for an eventual break higher.
The pair, which saw a brief dip towards its 20-day EMA at 1.4450 on Tuesday, has been recently well protected by a conglomerate of key MAs on the daily, including the 20 (mentioned), 50 and 100 (these 2 around 1.44), keeping buyers in control.
A potential retest of the 200-day EMA at 1.4725/30 should not be discarded in the coming weeks, given the present bullish dynamics, should a break of sticky 1.46 resistance materialize - we had one failed attempt on Oct 13 -. On the downside, as long as price is kept above 1.4280/4300, the structure suggests risks remain for an eventual break higher.