FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USCAD and EURJPY) for the day)
FxWirePro: EUR/AUD uptrend gains momentum,good to buy on dips
• EUR/AUD strengthened on Thursday after German inflation data reignited investor concerns over yet more interest-rates rises.
• Data on Thursday showed German inflation was at its highest in over a quarter of a century in September, driven by soaring energy prices.
• At GMT 17:46, the pair was trading up 1.19 percent at 1.5102.
• Technical signals are bullish as RSI is at 69, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5133 (Daily high), any close above will push the pair towards 1.5133 (23.6%fib).
• Strong support is seen at 1.5030 (38.2%fib) and break below could take the pair towards 1.4947 (50%fib)
Recommendation: Good to buy around 1.5100, with stop loss of 1.5000 and target price of 1.5170