FxWirePro: NZD/JPY Interim Rallies Seem Deceptive, Major Downtrend Still Intact In Falling Wedge – Trading & Hedging Setup
FxWirePro: EUR/AUD regains upwards momentum but unable to hold above 21DMA
• EUR/AUD gained on Friday as investors took profits from the risk-on mood seen in the markets.
• The pair reaches 1.6290 after extending north from 1.6192 (early Asia low). 1.6290 is the highest level since June 5th.
• The pair has traded a 53 pip range thus far Frriday.Unless there is major news choppy range trading looks set to extend.
• Technical signals are mixed as RSI is at 48, daily momentum studies 5,9, DMAs are trending up.
• On the upside, Immediate resistance is located at 1.6280 ( 23.6% fib), any close above will push the pair towards 1.6297 ( 21DMA)
• n the downside, support is seen at 1.6173 (5 DMA ) and break below could take the pair towards 1.6069 (Daily low).
Recommendation: Be on sidelines