AUD/USD holding up as EUR/AUD ‘s sent back down towards yesterday’s lows

By: Pete Jackson

Looks like EUR/USD 's starting to lose its shine after  early attempts to establish above 1.2500 end in tears again.  The cross is off around  60 pips from Asian highs  and hovering around the original 38.2% retracement again around 1.2445 of the  late Nov-Early Aug fall. Below here lies the 200 day MA at 1.2415 Meanwhile, AUD/USD's back up around 1.0400 having unearthed some decent bids just under 1.0370 (low 1.0367) and looks to be pulling safely clear from its 200 day MA at 1.0332. China concerns continue to weigh on the AUD after weaker Shanghai composite and China data including coal imports, but  the pair  has conversely been helped by a retraction in the ABC News/AFR today by S&P,  who initially stated that the Australian  AAA rating was in danger ..... more