Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD steadies above 1.5550, retains bid tone

• EUR/AUD strengthened on Wednesday as slide in iron ore and soft commodities prices added to AUD weakness against euro.

• The pair is currently approaching resistance at 1.5782 ( 38.2%fib). Resistance at 1.5782 is likely to cap further upside in the pair.

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

• Immediate resistance is located at 1.5639 ( 50%fib), any close above will push the pair towards 1.5732 (61.8%fib)

• support is seen at 1.5527 (38.2%fib ) and break below could take the pair towards 1.5503 (5DMA).

 Recommendation: Good to buy around 1.5570, with stop loss of 1.5480 and target price of 1.5850.

 

  • Market Data
Close

Welcome to EconoTimes

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