Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD initially dipped on Wednesday  but gains were limited investor awaited more clarity on the European Central Bank (ECB) rate path.

• The spotlight is now  Thursday's GDP print and Friday's data on personal consumption expenditures.

• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards. 

•  Immediate resistance is located at 1.6291(38.2% fib), any close above will push the pair towards 1.6337 (38.2%fib)

• Support is seen at 1.6257(23.6% fib) and break below could take the pair towards 1.6130 (May 10th low).

Recommendation: Good to sell  on rally around 1.6260, with stop loss of 1.6350 and target price of 1.6160
 

  • Market Data
Close

Welcome to EconoTimes

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