FxWirePro: EUR/AUD getting back on track for a run towards 1.4800,good on buy on dips

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FxWirePro: EUR/AUD getting back on track for a run towards 1.4800,good on buy on dips

Thursday, August 4, 2022 11:40 PM UTC

• EUR/AUD rose higher on Thursday as lift in equities helped the pair steady towards 1.4710.

• Investors are now eyeing the U.S. non-farm payrolls report due on Friday.

• EUR/AUD has been in trading in 1.4803-1.4566 range since July 25th ,pair needs a trigger to spark a move , upcoming US data a potential catalyst.

• From a technical viewpoint, RSI is turning bullish , daily momentum studies, 5, 10 and 11 daily MAs all climb.

• Immediate resistance is located at 1.4743 (38.2%fib), any close above will push the pair towards 1.4808 (Aug 2nd high).

• Immediate support is seen at 1.4667 (50% fib) and break below could take the pair towards 1.4632 (10DMA).

Recommendation: Good to buy on dips around 1.4700, with stop loss of 1.4800 and target price of 1.5100.

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