FXstreet.com (San Francisco) - The EUR/AUD cross continues to climb in North America, extending to as high as 1.1897 as price approaches the 1.19 figure and Fibonacci resistance at 1.1915 (23.6%, 1.3031/1.1575). Above there, further resistance is noted at 1.1960 (55-day EMA).
According to Westpac’s Real Money flow studies, risks appear to be weighted towards more near term EUR/AUD upside, says Richard Franulovich of Westpac in New York: “But, even a modest correction in Real Money appetite for AUD vs. EUR will see this cross trade well through 1.20, all the while remaining consistent with the multi-year downtrend in the cross and the longer term preference for AUD,” comments Westpac.
According to Westpac’s Real Money flow studies, risks appear to be weighted towards more near term EUR/AUD upside, says Richard Franulovich of Westpac in New York: “But, even a modest correction in Real Money appetite for AUD vs. EUR will see this cross trade well through 1.20, all the while remaining consistent with the multi-year downtrend in the cross and the longer term preference for AUD,” comments Westpac.
