FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCAD and EURJPY) for the day
FxWirePro: EUR/AUD downside pressure builds, key support levels in focu
• EUR/AUD declined on Friday as higher commodity prices and China optimism boosted Australian dollar.
• China cut its prime rate for five-year loans, which influences mortgage prices, by 15 basis points in a reduction that was sharper than expected.
• EUR/AUD drops but slide halts at the 1.4950(50%fib),break below will accelerate towards 1.4800 level.
• Immediate resistance is located at 1.5120 (38.2%fib), any close above will push the pair towards 1.5212 (Higher BB).
• Strong support is seen at 1.4950 (38.2%fib) and break below could take the pair towards 1.4893(9th May low).
Recommendation: Good to sell around 1.4980, with stop loss of 1.5120 and target price of 1.4900