FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro:EUR/AUD drops changes short term trend from neutral to bearish
• EUR/AUD initially rose on Thursday, but rally fizzled as concern about the impact coronavirus will have on the eurozone economy weighed on euro.
• At GMT 17:45, the pair was trading 0.22% lower at 1.6232 , lowest since June .
• Technical lean bearish, RSI is trending down, momentum studies, 5, 10 DMAs are falling southwards.
• On the upside, Immediate resistance is located at 1.6271 ( 23.6% fib), any close above will push the pair towards 1.6361 (Psychological level).
• On the downside, support is seen at 1.6210 (30 DMA) and break below could take the pair towards 1.6153 (Lower BB).
Recommendation: Good to sell on rallies around 1.6250 with stop loss of 1.6361 and target price of 1.6150.