FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (GBPAUD and EURUSD for the day)
FxWirePro: AUD/USD opens the week on a bearish note, poor Aussie data join China Covid woes to weigh on the antipodean
FxWirePro: EUR/AUD consolidating around 1.5278,bias is bullish
•EUR/AUD strengthened on Thursday as investors looked ahead to Friday's key U.S. payrolls report.
• U.S. non-farm payrolls data is due on Friday and analysts polled expect 250,000 jobs were added last month. The unemployment rate is expected to come in at 3.7%.
• EUR/AUD bulls confidence is running high, a test of the 1.5384(23.6%fib) highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 65, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5336(Daily higg), any close above will push the pair towards 1.5384(23.6%fib).
• Immediate support is seen at 1.5250(5DMA) and break below could take the pair towards 1.5215 (38.2%fib).
Recommendation: Good to buy on dips around 1.5270, with stop loss of 1.5150 and target price of 1.5380.