Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD falls To two-week low with plenty more downside potential

•EUR/AUD fell sharply  on Thursday as higher commodities prices and upbeat Australian employment boosted Australian dollar across the board.

• Net employment increased by 47,500 in August compared to July, according to the Australian Bureau of Statistics.

•The unemployment rate remained at 4.2%, as anticipated, while the participation rate held steady at a record high of 67.1%.

• EUR/AUD has seen a 1.6444-1.6325 range on Thursday, chart points to drop towards 1.6250 level.

•From a technical viewpoint, RSI  is strongly  bearish at 41, daily momentum studies, 5, 9 and 11 are trending down.

•Immediate resistance is located at 1.6460(38.2%fib), any close above will push the pair towards 1.6514(Sep 17th high)

• Support is seen at 1.6325(50%fib)and break below could take the pair towards 1.6251(Lower BB)

Recommendation: Good to sell around 1.6370 , with stop loss of 1.6460 and target price of 1.6260
 

  • Market Data
Close

Welcome to EconoTimes

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