FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USCAD and EURJPY) for the day)
FxWirePro:EUR/AUD consolidates around 1.4840 after Fed's hawkish 75Bp hike,good to buy on dips
• EUR/AUD initially dipped on Wednesday but recovered some ground after the Federal Reserve raised interest rates by another 75 basis points and signalled more large increases .
• The U.S. central bank’s target interest rate was increased to a range of 3.00%-3.25% and new projections showing its policy rate rising to 4.40% by the end of this year.
• Technical signals are bullish as RSI is at 58 , daily momentum studies 9, 10 and 11 DMAs are trending north
• Immediate resistance is located at 1.4884 (Sep 8th high), any close above will push the pair towards 1.4928(23.6% fib).
• Immediate support is seen at 1.4825 (38.2%fib) and break below could take the pair towards 1.4794(14DMA).
Recommendation: Good to buy around 1.4830, with stop loss of 1.4770 and target price of 1.4900