FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and DXY) for the day
FxWirePro:EUR/AUD runs out of steam but maintains bullish outlook
• EUR/AUD initially gained on Wednesday, but rally fizzled as investors awaited Aussie jobs data.
• Australian jobs data for May on Thursday could show unemployment falling under 4.0% for the first time since the early 1970s.
• EUR/AUD hits daily high at 1.5051 but gave up some ground to trade at 1.5746 in afternoon US session.
• Technical signals are bullish as RSI is at 54, 21, 30 DMAs are trending up.
• Immediate resistance is located at 1.5058 ( 38.2%fib), any close above will push the pair towards 1.5228(Higher BB).
• Support is seen at 1.4981 (14DMA) and break below could take the pair towards 1.4887 (14DMA).
Recommendation: Good to buy around 1.5020, with stop loss of 1.4890 and target price of 1.5100.