FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day
FxWirePro: EUR/AUD outlook weaker on renewed downside pressure
• EUR/AUD declined on Friday as Australian dollar rose sharply as risk sentiment improved after softer U.S. economic data hosed down expectations of faster interest rate hikes.
• EUR/AUD dived below the 38.2% fib and trades down to a 1.4394 low.
• Technical lean bearish, RSI is y lower 29, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.4499 14 DMA), any close above will push the pair towards 1.4538(5DMA)
• Support is seen at 1.4381(23.6%fib ) and break below could take the pair towards 1.4331(April 6th low).
Recommendation: Good to sell around 1.4400, with stop loss of 1.4490 and target price of 1.4330.
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