Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD consolidating around 1.6370, room for further gains

• EUR/AUD steadied on Wednesday as euro was supported  by Tuesday's positive unemployment rate data.

• European Unemployment Rate decreased to 6.4% in November from October's 6.5%, supporting the euro despite bearish warnings from European Central Bank (ECB) policymakers.

• ECB policymakers on Wednesday voiced concerns over possible Eurozone recession last quarter and ongoing weak prospects, while maintaining current policy stance.

• From a technical viewpoint, RSI  is strongly bullish at 54, daily momentum studies, 5, 10 and 11 DMA’s are trending up.

• Immediate resistance is located at 1.6391 (38.2%fib), any close above will push the pair towards 1.6432 (Higher BB).

• Immediate support is seen at 1.6339 (50%fib)and break below could take the pair towards 1.6287 (61.8%fib).

Recommendation: Good to buy on dips around 1.6370, with stop loss of 1.6200 and target price of 1.6440
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.