EUR/AUD, 54 pips up, bullish momentum extended

FXstreet.com (Chicago) – EUR/AUD continues being fueled by market participants while the Aussie is beat up against most currency majors. Capital outflows from emerging countries persist as a series of preoccupations occupy market participants ‘minds.

Price action reveals impulsive movement limited at 1.49 zone as the Aussie weakens across the board. Peter Dragicevich, currency economics at the CBA states the Aussie is being affected by “increased volatility” and “emerging market concerns”.

At 1.4880, the pair targets resistances at 1.49 (August 7th highs) which, if broken, will lead to 1.4940 (August 2nd highs) and 1.50 (August 5th highs) zones. On …read more