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FxWirePro: EUR/AUD extends gains, faces 50%fib resistance

Wednesday, March 9, 2022 11:41 PM UTC

• EUR/AUD strengthened on Wednesday as hopes for de-escalation of Russia-Ukraine crisis buoyed the pair .

• The pair has hit lows not seen since 2017 July as the euro bears the brunt of fears over the negative economic impact of the Ukraine conflict.

• Technical daily momentum studies 5, 9 and 10 DMAs are trending down while fourteen-day momentum is negative, reinforcing the overall bearish market .

• EUR/AUD rally shows investor sensitivity to Ukraine risk,ECB meeting, release of US Feb CPI are key risks for Thursday.

• Immediate resistance is located at 1.5149 ( 50%fib), any close above will push the pair towards 1.5203 (61.8%fib).

• Strong support is seen at 1.4967 (38.2% fib) and break below could take the pair towards 1.4750 (23.6% fib).

Recommendation: Good to sell on rally around 1.5150, with stop loss of 1.5250 and target price of 1.5050.

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FxWirePro: EUR/AUD extends gains, faces 50%fib resistance

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