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EUR/AUD opens up amidst consolidation phase; projected target 1.5057

FXstreet.com (Barcelona) - The EUR/AUD has finally hit a little consolidation phase after a big upside run. There appears to be another thrust higher to come in the short-term, however.

Slow news until Tuesday should allow EUR/AUD to consolidate further

With an absence of economic data due out from Europe and Australia until Tuesday’s release of German IFO Current Assessment, Business Climate and Expectations, the EUR/AUD will likely continue to grind sideways in a healthy post-rally consolidation.

Technical outlook for EUR/AUD

Elliott Wave Technicians say that EUR/AUD is in wave “v of 5 of III” higher with an upside target of 1.5054 (from 1.4825 currently). Support for EUR/AUD comes in at 1.4752 (the intraday low from Thursday).

EUR/USD, risk for a sell-off to 1.32 increases; close below 20-D EMA needed - 2ndSkies

After the topside failure above 1.3400, the EUR/USD retreated towards 1.3330, where the 20-day EMA dynamic support was encountered, providing bulls with another opportunity to retest 1.34 last Friday.
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AUD/JPY maintains gains above 89.00 zone

AUD/JPY protects last Friday’s advancements and continues trading above 89.00 zone. The Nikkei reached 0.50% gains to quickly retrace to 0.25% potentially fueled by Fed’s tapering concerns on weak housing market data made public last week.
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