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

Tuesday, April 19, 2022 11:54 PM UTC

• EUR/AUD declined on Tuesday as Russia's invasion of Ukraine weighed on global growth expectations and looming Fed tightening kept investors on edge.

•The pair is approaching 23.6%fib,a daily close below will accelerate towards 1.4500 in the short term.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 42.

• Immediate resistance is located at 1.4725( 30DMA), any close above will push the pair towards 1.4825 ( 38.2%fib).

• Strong support is seen at 1.4558 (23.6%fib) and break below could take the pair towards 1.4416 (Lower BB).

Recommendation: Good to sell around 1.5480, with stop loss of 1.5560 and target price of 1.5400.

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

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