FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day
FxWirePro:EUR/AUD downside pressure builds, key support level in focus
• EUR/AUD dipped on Wednesday as above estimate July US ISM non-mfg PMI data helped send EUR/AUD lower
• The pair is likely to see more downside and drop below has heightens chance of test of 23.6%fib support.
•Technical signals show the pair is set to lose ground in the short-term as RSI is at 37 bearish, daily 5, 10 & 21 MAs heading lower .
•Immediate resistance is located at 1.4782 (38.2%fib), any close above will push the pair towards 1.4846( 100 DMA)
• Support is seen at 1.4568 (23.6%fib) and break below could take the pair towards 1.4499 (Lower BB).
Recommendation: Good to sell on rally around 1.4640, with stop loss of 1.4760 and target price of 1.4550.
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