FxWirePro: AUD/USD extends range trade, Aussie under pressure after RBA minutes reiterate policymakers’ cautious optimism
FxWirePro:EUR/AUD changes short term trend from neutral to bearish
• EUR/AUD edged lower on Friday as failures to sustain breaks above 1.5669 (23.6%fib) disappointed bulls.
• At GMT 16:00, the pair was trading 0.06% lower at 1.5611. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.5550
• Technical signals are mixed as RSI is turning lower, daily momentum studies 5,9,11 DMA’s, are trending up.
• Immediate resistance is located at 1.5645 (Higher BB ), any close above will push the pair towards 1.5669 (23.6%fib).
• Strong support is seen at 1.5589 (38.2%fib) and break below could take the pair towards 1.5568 (5DMA).
Recommendation: Good to sell around 1.5620 with stop loss of 1.5700 and target price of 1.5550.