FxWirePro: GBP/CHF edges higher from session lows, lower-than-expected plunge in UK Retail Sales supports pound
FxWirePro: EUR/AUD downtrend loses steam, outlook still bullish
• EUR/AUD declined on Thursday as riskier currencies like Australian dollar was boosted by weaker dollar and higher commodity prices.
• The Aussie dollar got an added lift from rising commodity prices as the weaker U.S. currency combined with supply disruptions to push copper and nickel to decade peaks.
• EUR/AUD techs highlight upside risks. EUR/USD trades above rising daily RSIs imply upside momentum.
• Immediate resistance is located at 1.5761 (38.2%fib ), any close above will push the pair towards 1.5859(23.6%fib).
• Strong support is seen at 1.5680 (50%fib) and break below could take the pair towards 1.5602 (61.8% fib).
Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5800.