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FxWirePro: USD/CNY hits 15-month low , scope for further downside

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FxWirePro:EUR/AUD holds above 1.5400 ahead of FOMC event

Wednesday, March 17, 2021 3:27 PM UTC

• EUR/AUD strengthened on Wednesday as market participants awaited the outcome of a Federal Reserve meeting.

• EUR/AUD remains relatively bearish, having recent shallow pullbacks short-lived so far.

• EUR/AUD has traded a 90 pip range 1.5351-1.5441 on Wednesday.Calm precedes ahead of FOMC event at 1800 GMT.

• Technical signals are bearish as RSI is at 44, daily momentum studies 5and 9 DMAs are trending down.

• Immediate resistance is located at 1.6441 ( 21 DMA), any close above will push the pair towards 1.5532 (38.2%fib)

• Support is seen at 1.5333(23.6%fib ) and break below could take the pair towards 1.5266 (Lower BB).

Recommendation: Good sell around 1.5460 with stop loss of 1.5530and target price of 1.5270

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FxWirePro:EUR/AUD holds above 1.5400 ahead of FOMC event

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