Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD drifts lower, could be on verge of a bigger drop

• EUR/AUD declined on Tuesday as move lower helped by dovish comments from ECB President Lagarde.

• EUR / AUD started the week under pressure after ECB President Christine Lagarde reiterated that the central bank's new strategy will make it very determined to revive  inflation to the new symmetrical target.

• At GMT 15:46, the pair was trading down 0.24 percent  at 1.5815.

• Technical signals highlight downside momentum as daily  RSI is falling, a inverted  hammer is forming on daily chart and EUR/AUD is trading below 50%fib. 

• Immediate resistance is located at 1.5837 ( 50% fib), any close above will push the pair towards 1.5892(61.8%fib)

• Support is seen at 1.5810(9DMA ) and break below could take the pair towards 1.5777 (38.2%fib).

Recommendation: Good to sell around 1.5835, with stop loss of 1.5900 and target price of 1.5770.
 

  • Market Data
Close

Welcome to EconoTimes

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