Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/AUD stuck in range but maintains bullish bias

• EUR/AUD rose higher on Friday as euro was supported  against Australian dollar by hawkish ECB expectations as market prices in end of Fed hikes.

•  European Central Bank policymakers have been backing more interest rate increases.

• EUR/AUD bulls confidence is running high, a rise towards 1.6480 level is likely.

• From a technical viewpoint, RSI  is strongly bullish at 56, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.6449 (23.6%fib), any close above will push the pair towards 1.6489 (Higher BB).

• Immediate support is seen at 1.6372 (5DMA) and break below could take the pair towards 1.6254 (38.2%fib).

Recommendation: Good to buy on dips around 1.6400, with stop loss of 1.6280 and target price of 1.6510.
 

  • Market Data
Close

Welcome to EconoTimes

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