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20 Jun 2013
EUR/AUD surpasses 1.4250, buyers discover new upside potential
FXstreet.com (Barcelona) - The EUR/AUD finished the day with strong gains, climbing another 203 pips to close at 1.4321 (highest daily close since March 16th, 2011).
HSBC China PMI misses, European PMI’s on Tap
In what has already been a busy economic schedule thus far in Asia trade, we will also see a number of important reports during the upcoming European session. HSBC China PMI was released earlier in the session at 1:45GMT, with the print coming in at 48.3 (a new 9 month low) vs. 49.4 forecast. Later in the day, we will see a number of PMI’s released including figures from Germany, France, Italy, and EU.
Strong technical set up continues to favor the bulls
The FXstreet.com trend index remains in bullish set up on the daily chart, while the ob/os index reads oversold. Price remains above both the 9 and 20dma’s, and the RSI (14) is maintaining firm ground above the 75 level. These are also bullish developments which could help keep pullbacks limited as we round out the week.
HSBC China PMI misses, European PMI’s on Tap
In what has already been a busy economic schedule thus far in Asia trade, we will also see a number of important reports during the upcoming European session. HSBC China PMI was released earlier in the session at 1:45GMT, with the print coming in at 48.3 (a new 9 month low) vs. 49.4 forecast. Later in the day, we will see a number of PMI’s released including figures from Germany, France, Italy, and EU.
Strong technical set up continues to favor the bulls
The FXstreet.com trend index remains in bullish set up on the daily chart, while the ob/os index reads oversold. Price remains above both the 9 and 20dma’s, and the RSI (14) is maintaining firm ground above the 75 level. These are also bullish developments which could help keep pullbacks limited as we round out the week.