FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption
• EUR/AUD gained some ground on Monday but lack of liquidity in market and spread of the COVID-19 and government lockdowns in Eurozone kept gains in check. •EUR/AUD remains bearish, only a significant close above 1.5437 …
• EUR/AUD gained some ground on Monday but lack of liquidity in market and spread of the COVID-19 and government lockdowns in Eurozone kept gains in check.
•EUR/AUD remains bearish, only a significant close above 1.5437 (30DMA), could upset the bearish order.
• Technical signals are bearish as RSI is at 42, daily momentum studies 21, and 30 DMAs are trending down.
• Immediate resistance is located at 1.5431 ( 38.2%fib), any close above will push the pair towards 1.5471 (30DMA).
• Support is seen at 1.5359 (5 DMA ) and break below could take the pair towards 1.5300 (Psychological level).
Recommendation: Good to sell around 1.5430 with stop loss of 1.5470 and target price of 1.5360.
