EUR/AUD, EUR/NZD Liftoff Yet to Clear Pivotal Resistance
Talking Points:
- EURAUD, EURNZD have made progress but not quite 'there' yet.
- AUD-crosses looking less convincing generally.
- Forex economic calendar takes another shot at US housing data Monday.
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The European currencies are off to a strong start this week, building on stabilization during the low volatility environment over the past few days. With the recent upturn in Euro-Zone economic data (and the generally sustained strong level of British data), both the British Pound and the Euro have started to make headway through important levels identified late last week.
The Australasian currencies are on their back foot and price action in recent days indicates the potential for tops developing in both the Australian and New Zealand Dollars. The EURNZD finds itself at a familiar turning point at N$1.6250, while the EURAUD bull flag faces the neckline hurdle at A$1.4995/5010 before reversals can be truly confirmed.
Read more: Euro Stagnation May Finally End if CPI Rebound Confirms Data Upswing
--- Written by Christopher Vecchio, Currency Analyst
To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com
Follow him on Twitter at @CVecchioFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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