Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD sustains gains as uptrend remains strong

• EUR/AUD rally extended on Thursday after data showed increased inflation in Europe.

• German inflation rose in line with expectations in December due to base effects, while French consumer prices also rose in December, matching expectations.

• A close above 1.6345 (38.2%fib) will likely trigger a new bullish phase with potential for 1.6400.

• From a technical viewpoint, RSI  is strongly bullish at 52, daily momentum studies, 5 and 9 daily  MAs all climb.

• Immediate resistance is located at 1.6345 (38.2%fib), any close above will push the pair towards 1.6418(23.6%fib).

• Immediate support is seen at 1.6282 (50% fib) and break below could take the pair towards 1.6219 (61.8% fib).

Recommendation: Good to buy on dips around 1.6300, with stop loss of 1.6200 and target price of 1.6380
 

  • Market Data
Close

Welcome to EconoTimes

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