Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD falls below 1.6200 level, bears keep the advantage

• EUR/AUD slipped lower  on Friday   as Friday saw downside surprises in French and Spanish inflation data.

• European data revealed that inflation in France and Spain increased less than anticipated, raising expectations for a rate cut from the European Central Bank in October to over 90%.

•At GMT 19:45, the pair was trading down 0.28 percent  at 1.6123, lowest level since 16th July.

• From a technical viewpoint, RSI  is strongly bearish at 29, daily momentum studies, 11, 14 and 21 daily  MAs are lower  .

• Immediate resistance is located at 1.6347 (38.2% fib), any close above will push the pair towards 1.6427(Sep 24th high).

• Immediate support is seen at 1.6130 (23.6% fib) and break below could take the pair towards 1.6083 (Lower BB).

Recommendation: Good to sell around 1.6170, with stop loss of 1.6260 and target price of 1.6100
 

  • Market Data
Close

Welcome to EconoTimes

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