Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD shorts look for key support break after OPEC+ announces surprise oil cuts

• EUR/AUD declined sharply on Monday as commodity linked   Australian rose against euro after  oil prices jumped by more than $4 a barrel.

• Sunday's announcement  of production target cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, pushed oil prices higher.

• Technical are bearish, daily RSI is has tuned negitive, daily momentum studies 5,9  and 11 DMAs are trending down. 

• Immediate resistance is located at 1.6114(14 DMA), any close above will push the pair towards 1.6218(23.6 % fib).

• Immediate support is seen at 1.6039 (38.2 % fib) and break below could take the pair towards 1.5971(March 15th low).

Recommendation: Good to sell  around 1.6050, with stop loss of 1.6180 and target price of 1.5970
 

  • Market Data
Close

Welcome to EconoTimes

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