Forex: EUR/AUD holds the decline above 1.2700

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Forex: EUR/AUD holds the decline above 1.2700

FITITOL--> FXstreet.com (Barcelona) - The cross EUR/AUD is currently trading at 1.2717 near a double session low, down from a 3-day move lower started Tuesday at double 1.2835 highs following much worse than expected CPI numbers from Australia. It is down by -0.34% since yesterday's Asia-Pacific opening price.

Spain's sovereign debt rate cut to BBB+ from StandardPoor's late in NY trading Thursday adds to the descending case, now almost back to even for the week. The cross is now finding support in previously broken up descending trend line from 1.3800s, while having its ascending trend line from all time record lows 1.2130s now around the 1.2680 handle.

In case of further falling, the cross shows support at April 06 lows 1.2655, followed by Feb 27 highs/Mar 26 lows around 1.2618/23, and April 16 lows 1.2572. To the upside, immediate resistance comes at April 03/24 lows 1.2742/39, followed by April 24 highs 1.2836, and April 03 highs 1.2878.