FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: EUR/AUD neutral in the near-term, scope for downward resumption
• EUR/AUD declined on Monday as pair was sold on US-China jitters.
• US-China trade tensions is likely to keep EUR/AUD below 1.6846 (30 DMA), A break under 1.6556 would unmask 1.6403 level in the short term.
• Technical signals are bearish as RSI is at 41, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6750 (21 DMA), any close above will push the pair towards 1.6846 (30 DMA).
• Strong support is seen at 1.6556 (200 DMA ) and break below could take the pair towards 1.6403 (300 DMA ).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6852 and target price of 1.6600.