FxWirePro: EUR/AUD trades narrow range, capped below 23.6% Fib, stay short
Thursday, November 24, 2016 8:11 AM UTC
- EUR/AUD extends downside after break below 20-DMA at 1.4355, intraday bias lower.
- Technical studies are bearish, RSI and Stochs on daily charts are biased lower.
- Major support levels - 1.4237 (Nov 23 low), 1.4183 (Oct 20 low), 1.4128 (Oct 26 low)
- Major resistance levels - 1.4350 (20-DMA), 1.4352 (5-DMA), 1.4465 (38.2% Fib)
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-slips-below-20-DMA-good-to-sell-rallies-416986) has hit TP1.
- Recommendation: Hold for targets.
- FxWirePro's Hourly EUR Spot Index was at -1.17375 (Neutral), while Hourly AUD Spot Index was at -1.22868 (Neutral) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex