FxWirePro:EUR/AUD set for bigger gains, but close above key fibo needed

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FxWirePro:EUR/AUD set for bigger gains, but close above key fibo needed

Tuesday, March 21, 2023 10:37 PM UTC

• EUR/AUD rose on Tuesday as Australian dollar was dragged lower after the release of the RBA minutes.

• Minutes out on Tuesday showed that the RBA was ready to consider pausing its rate hikes in April.

• The is pair heading towards the lower 23.6%fib, as near term direction of the pair is likely to be driven by current price action.

• Technical are bullish, daily RSI is positive at 66, daily momentum studies 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6212 (23.6%fib ), any close above will push the pair towards 1.6274(Higher BB).

• Strong support is seen at 1.6040 (38.2%fib ), and break below could take the pair towards 1.6013(14DMA).

Recommendation: Good to buy on around 1.6130, with stop loss of 1.6000 and target price of 1.6200

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