FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day
FxWirePro: EUR/ AUD consolidating around 1.4670, bias is bullish
• EUR/ AUD strengthened on Tuesday and was threatening to break above the 38.2% fibo of resistance ahead of Wednesday's highly anticipated July U.S. CPI report.
• As-expected or below estimate results should send hope of higher U.S. rates lower as investors may expect the Fed to take a less hawkish stance.
•The pair currently is approaching resistance at 1.9683 (38.2% fib). A break above will unmask 1.4800 level in the short term.
•Immediate resistance is located at 1.4684 (38.2%fib), any close above will push the pair towards 1.4795(50%fib).
• Support is seen at 1.4650(14DMA) and break below could take the pair towards 1.4540 (23.8%fib).
Recommendation: Good to buy around 1.4660, with stop loss of 1. 4530 and target price of 1. 4770
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