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FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption

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FxWirePro: EUR/AUD trends higher, 23.6% fibonacci eyed

Saturday, May 13, 2023 12:55 AM UTC

• EUR/AUD strengthened on Friday as the pair was aided by continued Australian dollary selloff that started on Thursday.

• Australian dollar is weighed down by Yuan weakness and lower commodities prices.

• Technical signals are mixed as RSI is at 51, daily momentum studies 9,11 and 14 DMAs are trending down.

• Immediate resistance is located at 1.6341(Daily high), any close above will push the pair towards 1.6429(23.6 % fib),

• Support is seen at 1.6246 (5DMA ) and break below could take the pair towards 1.6219 (38.2 % fib).

Recommendation: Good to to buy around 1.6320, with stop loss of 1.6200 and target price of 1.6390.

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FxWirePro: EUR/AUD trends higher, 23.6% fibonacci eyed

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