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FxWirePro: GBP/NZD gains some upside momentum but still bearish

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FxWirePro: EUR/AUD fragile, risks collapse to a major fibo support

Wednesday, May 31, 2023 5:56 PM UTC

• EUR/AUD eased on Wednesday after inflation data from France and several major German states came in under expectations .

• The pair weakness is likely to pick up as the the near-term outlook for EUR/AUD appears bearish .

• Immediate resistance is located at 1.6509 (Daily high), any close above will push the pair towards 1.6568 ( 23.6%fib).

• Immediate support is seen at 1.6440 (5DMA) and break below could take the pair towards 1.6344(38.2%fib)..

Recommendation: Good to sell around 1.6450, with stop loss of 1.6550 and target price of 1.6370

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FxWirePro: EUR/AUD fragile, risks collapse to a major fibo support

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