FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro:EUR/AUD maintains bearish bias with focus on 1.6200
• EUR/AUD declined on Tuesday as fears that consumer price growth will remain anaemic for years weighed on euro.
• The pair, already trading lower on the day, extended its drop to hit 1.6284, lowest since June 26th 2020.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 44 bearish, momentum studies 30, 50 are trending down.
• On the upside, Immediate resistance is located at 1.6407( 30 DMA), any close above will push the pair towards 1.6467 (38.2% fib).
• On the downside, support is seen at 1.6271 (23.6% fib ) and break below could take the pair towards 1.6119 (Lower BB).
Recommendation: Good to sell around 1.6300, with stop loss of 1.6450 and target price of 1.6200