FXstreet.com (San Francisco) - EUR/AUD is gently bid in anotherlow-volatility Asian session today, lifted mostly on the back of aweaker Australian dollar after initial AU Capex-induced strength inearlier trade. Technically speaking, the 38.2% Fibonacciretracement of the advance from 1.1605 to 1.2820 is also attractingbids. Spot now exchanges at 1.2377, around 20 pips above itsstarting price. Resistance at 1.2395 is the first target forshort-term bulls, ahead of the roof seen at 1.2425. To thedownside, 1.2325 is noted as immediate support, then 1.2560.
"Euro and Aussie are trading in a very similar manner at presentso there is not a lot of impetus in this trade given that it islargely a reflection of the stock market sentiment," comments GregMcKenna, Chief Executive at GlobalFX.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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