FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPUSD and CADJPY) for the day
FxWirePro:EUR/AUD rally capped by 38.2%fib resistance ,good to sell on rally
• EUR/AUD declined on Friday as higher oil and iron ore prices boosted Australian dollar against euro.
• EUR/AUD has failed to sustain momentum after failing to break resistance at 1.5283 (38.2%fib).
• The is pair heading towards the lower 38.2%fib, as near term direction of the pair is likely to be driven by current price action. .
• Immediate resistance is located at 1.5283(38.2%fib ), any close above will push the pair towards 1.5354(June 23rd high).
• Strong support is seen at 1.5133 (38.2%fib ), and break below could take the pair towards 1.5091(11DMA).
Recommendation: Good to sell on around 1.5190, with stop loss of 1.5290 and target price of 1.5110