Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:EUR/AUD outlook weaker on renewed downside pressure

• EUR/AUD declined on Friday  as Australian dollar  continues to benefit from higher commodity prices.

• Benchmark iron ore futures in China surged on Friday, clocking their biggest weekly gain in more than two years.

• Technical signals are bearish as RSI is heading down  at 56, daily momentum studies  5, 9 and 1 DMAs are trending down. 

• Immediate resistance is located at 1.4896 (38.2 %fib), any close above will push the pair towards 1.4997 (50%fib)

• Support is seen at 1.4799 (23.6 %fib ) and break below could take the pair towards 1.4703 (1st  Aug 2017 low).

Recommendation: Good to sell on rally around 1.4820, with stop loss of 1.4900 and target price of 1.4720.
 

  • Market Data
Close

Welcome to EconoTimes

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