Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:EUR/AUD drops towards 1.6200 level, heads deeper into bear territory

• EUR/AUD fell towards 1.6200 level on Tuesday  as   hawkish Reserve Bank of Australia and higher commodity prices boosted Australian dollar

• The RBA kept interest rates steady, stressing the need for tight policy, unlike the U.S. Federal Reserve, which started its easing cycle with a 50 basis point cut last week.

• Oil   gained more than 2%. Copper prices  jumped to a 10-week high, aided by expectations of improving demand in top consumer China.

• At GMT 17:03, the pair was trading down 0.21 percent   at 1.6214.

•  Technical signals are bearish as RSI has turned sharply lower, daily momentum studies  5, 9 and 1 DMAs are trending down. 

•  Immediate resistance is located at 1.6355 (50%fib), any close above will push the pair towards 1.6420(Sep 24th high)

• Support is seen at 1.6195(23.6 %fib ) and break below could take the pair towards 1.6122(Lower BB).

Recommendation: Good to sell   around 1.6230 , with stop loss of 1.6330 and target price of 1.6150
 

  • Market Data
Close

Welcome to EconoTimes

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