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FxWirePro- Major Pair levels and bias summary

FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

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FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook

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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

Monday, January 8, 2024 7:35 PM UTC

• EUR/AUD initially gained on Monday but gave back some ground as investors digested a slew of Eurozone economic data.

• German industrial orders rose less than expected, while exports rose more than forecast in November. Eurozone retail sale registered a monthly fall of 0.3 percent, reversing the 0.4 percent rise in October.

• Pair traded in 1.6399/1.6269 range and was last trading at 1.6307 into the US afternoon.

• Technical signals are bullish as RSI is at 51, daily momentum studies 5 and 9 DMAs are trending up.

• Immediate resistance is located at 1.6380 ( 23.6%fib), any close above will push the pair towards 1.6424 (Higher BB).

• Support is seen at 1.6283 (38.2% fib ) and break below could take the pair towards 1.6183 (50% fib).

Recommendation: Good to buy around 1.6290, with stop loss of 1.6150 and target price of 1.6360.

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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

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