This week’s seen a steady sell off in the EUR/AUD from highs around 1.2826 and we’ve just broken down through the 50% fibonacci level of the Sept 27 – Oct 7 rally around 1.2577. This move has the potential to track down now through the Sept 18 highs around 1.2553 with next fibonacci support at the 61.8% level around 1.2518.
AUD/USD meanwhile’s enjoying the move, sitting around 1.0220 but faces some stern resistance up towards 1.0250 (Japanese funds, US names and RBA commercial int) with likely buy stops just above, and tech res at 1.0275 with the 100 day MA sitting between at 1.0258.
A break above here targets the more important 1.0320/30 level and the 200 day MA at 1.0344.
AUD/USD’s sitting around 1.0220 with the cross on the fibo level at 1.2577
