Thursday, November 12, 2015

EUR/AUD retraces more than 50% of 2015 rally

FXStreet (Mumbai) - The EUR/AUD cross fell below 1.5132 (50% of rally seen in 2015) in Asia as the buying interest in the AUD spiked after a strong jobs report.

Aussie soars on job gains

The AUD spiked across the board after the employment report showed a big jump of 58,600 jobs in October compared with an expected gain of 15,000 jobs. The unemployment rate also dropped to 5.9% from 6.2% accompanied by an uptick in the participation rate.

Meanwhile, the EUR/USD also trimmed gains from the high of 1.0780, thereby adding to the bearish pressure on the EUR/AUD cross. The pair currently trades around 1.5045.

EUR/AUD Technical Levels

The immediate support is seen at 1.50 handle, under which the pair could fall to 1.4908 (July 15 high). On the other side, resistance is seen at 1.5132 (50% of rally seen in 2015), above which the pair could re-test the daily high at 1.5234.
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