Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially gained on Friday but gave up due to heightened risk aversion due to geopolitical tensions.

• On the data front, German Producer Price Index saw a 0.2% increase, marking a notable upturn from the preceding -0.4% and exceeding the expected

• In an up-and-down session, the pair hit high at 1.6537 in early trading then dipped towards 1.6650.

• Technical signals are bullish  as RSI is at 57  , simple moving averages  9, 10 and 11   are trending up.

• Immediate resistance is located at 1.6609 ( 38.2%fib), any close above will push the pair towards 1.6680(23.6% fib)

• Support is seen at 1.6565(5SMA ) and break below could take the pair towards 1.6549 (50%fib).

Recommendation: Good to buy around 1.5800, with stop loss of 1.5660 and target price of 1.5870.
 

  • Market Data
Close

Welcome to EconoTimes

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