FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPJPY and AUDUSD) for the day
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and AUDUSD) for the day
FxWirePro: EUR/AUD rises to one-month high , maintains bullish bias
• EUR/AUD rally extended towards 1.6150 on Friday as investors shed riskier assets like Aussie dollar on fears about the spread of the Omicron variant of COVID-19.
• EUR/AUD hits intraday high at 1.8789 and it was last trading at 1.8751.
• EUR/AUD bulls confidence is running high, a move towards 1.6220 is highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 60.00, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6148 (23.6%fib), any close above will push the pair towards 1.6225 (22nd Sep high).
• Immediate support is seen at 1.6040 (38.2% fib) and break below could take the pair towards 1.5940 (50%fib).
Recommendation: Good to buy on dips around 1.6120, with stop loss of 1.6040 and target price of 1.6220.