FxWirePro: EUR/AUD attracts buying interest, 38.2% fibonacci eyed

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FxWirePro: EUR/AUD attracts buying interest, 38.2% fibonacci eyed

Friday, August 5, 2022 8:27 PM UTC

• EUR/AUD rose higher on Friday after big upside surprise to US July U.S. payrolls data lifted the pair.

• Pair hit a session high at 1.4767 before retreating slightly to trade at 1.4732.

• EUR/AUD bulls confidence is running high, a rise towards 1.4800 level is likely.

• From a technical viewpoint, RSI is rising , daily momentum studies, 5, 10 and 11 daily MAs all climb.

• Immediate resistance is located at 1.4772 (38.2%fib), any close above will push the pair towards 1.4871(23.8% fib).

• Immediate support is seen at 1.4685(50% fib) and break below could take the pair towards 1.4647 (61.8% fib).

Recommendation: Good to buy on dips around 1.4700 with stop loss of 1.4600 and target price of 1.5100.

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