Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD bulls back away from 1.6305 after euro zone inflation data but outlook still bullish

• EUR/AUD eased from 1.6305 level on Friday after record monthly drop in euro zone inflation figures.

• Eurostat data showed inflation in the euro zone dropped by the most on record in March. However, growth in core prices accelerated.

• The pair pulled back after failing to break  resistance at 1.6300, it was last trading at 0.17 down 1.6212.

• Technical signals are bullish as RSI at 65, daily momentum studies  21, 30 and 50 DMA’s are trending up.

• Immediate resistance is located at 1.6305 (23.6% fib), any close above will push the pair towards 1.6328( Higher BB).

• Immediate support is seen at 1.6210(5DMA) and break below could take the pair towards 1.6148(38.2% fib).

 Recommendation: Good to buy around 1.6200, with stop loss of 1.6100 and target price of 1.6300

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.