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FxWirePro:EUR/AUD uptrend losses momentum but bullish setup remains

• EUR/AUD   initially gained on Friday but gave up ground  as concerns about the China’s economy  kept investors cautious.

• China's economy was the was on investors' minds as a series of economic data and ructions in the property sector have laid bare the stumbling post-pandemic recovery.

• In an up-and-down session, the pair hit high at 1.7010 in early trading then retreated  towards 1.6961.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 660 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.7005 (23.6%fib), any close above will push the pair towards 1.7069 (Aug 17th high).

• Strong support is seen at 1.6908(5DMA) and break below could take the pair towards 1.6832 (38.2%fib )

Recommendation: Good to buy around 1.6940 with stop loss of 1.6820  and target price of 1.7050

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