Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/ AUD longs under pressure as buying dries up ahead of US CPI,good to sell on rally

• EUR/ AUD  initially gained on Tuesday but rally fizzled as  investors geared up  Thursdays  U.S. CPI data for hints on near-term Fed policy.

• U.S. Consumer Price Index (CPI) data for December is due on Thursday and is one of the last major economic reports before the Fed's Jan. 31-Feb. 1 policy meeting.

• The pair attempted to breach resistance at 50% fib and dipped towards 1.5568 level . A decisive break closure below 38.2% fib could generate drop towards 1.5500 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.5633 ( 50% fib), any close above will push the pair towards 1.5667 (14DMA).

• Immediate support is seen at 1.5551(38.2% fib) and break below could take the pair towards 1.5454 (23.6% fib).

 Recommendation: Good to sell around 1.5580, with stop loss of 1.5680 and target price of 1.5500
 

  • Market Data
Close

Welcome to EconoTimes

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