Technicals

Add as a preferred source on Google

FxWirePro: EUR/AUD downtrend loses steam but outlook still bearish

• EUR/AUD initially dipped on Friday but recovered ground as investors booked profits heading into weekend . • The pair remains weak ,a close below 1.5352 (50%fib), would add to pairs bearish structure, opening the way t…

1 min read
FxWirePro: EUR/AUD downtrend loses steam but outlook still bearish
Image from the original EconoTimes article

Read the original article

• EUR/AUD initially dipped on Friday  but recovered ground as investors booked profits heading into weekend .

• The pair remains weak ,a close below 1.5352 (50%fib), would add to pairs bearish structure, opening the way towards 1.5300 level.

• Technical signals are bearish as RSI is at 49, daily momentum studies  5,9,21 DMA are trending south. 

• Immediate resistance is located at 1.5464 (5DMA ), any close above will push the pair towards 1.5520  (38.2%fib).

• Strong support is seen at 1.5352 (50%fib) and break below could take the pair towards 1.7315(Lower BB).

Recommendation: Good to sell around 1.5440 with stop loss of 1.5550 and target price of 1.5350
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560