FxWirePro: NZD/USD Interim Uptrend Capped By 100-DMAs, Major Downtrend Intact Upon Triple Top – Trade & Hedging Setup
FxWirePro:EUR/AUD pauses decline, downside risk remains
• EUR/AUD declined on Tuesday as investors braced for prolonged uncertainty to fight the coronavirus.
• The pair, already trading lower on the day, extended its drop to hit 1.7553, a one week low, it was last down 0.76% on the day.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 47.48 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7748 ( 30 DMA), any close above will push the pair towards 1.7859 (5 DMA).
• On the downside, support is seen at 1.7418 (Lower BB) and break below could take the pair towards 1.7374 (50 EMA).
Recommendation: Good to sell on rallies around 1.7700, with stop loss of 1.8000 and target price of 1.7350.