FxWirePro: AUD/USD pauses 4-day winning streak, trades weaker on downbeat China GDP and Industrial Production data
FxWirePro: EUR/AUD strongly bearish despite upside attempts
• EUR/AUD recovered some ground on Wednesday as the pair was aided by profit-taking on shorts after (23.6% fib) support holds.
• The pair is currently approaching resistance at 1.5565 (38.2% fib). Resistance at 1.5565 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 44, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5560( 38.2%fib), any close above will push the pair towards 1.5619(30DMA).
• Strong support is seen at 1.5415(23.6%fib ) and break below could take the pair towards 1.5182
Recommendation: Good to sell around 1.5500, with stop loss of 1.5620 and target price of 1.5380.