Technicals

Add as a preferred source on Google

FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD initially dipped on Thursday but recovered towards 1.5572 as the pair was pulled around by the market's interpretation of central bank comments and inflation out. • The recent dovish shift in ECB policy rhetori…

1 min read
FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption
Image from the original EconoTimes article

Read the original article

• EUR/AUD initially dipped  on Thursday but recovered  towards 1.5572 as the pair was  pulled around by   the market's interpretation of central bank comments and inflation out. 

• The recent dovish shift in ECB policy rhetoric and contrasting hawkish shift in Fed rhetoric is a bearish development for the euro.

• At GMT 18:54, the pair was trading down 0.12 percent   at 1.5760.

• EUR/AUD remains vulnerable, only a break and daily close above 1.5820 (38.2%fib) will shift bias to the upside.

• Immediate resistance is located at 1.5775( Daily high), any close above will push the pair towards 1.5820 (38.2%fib)

• Support is seen at 1.5730 ( 50% fib) and break below could take the pair towards 1.5707(11DMA).

Recommendation: Good to sell around 1.5770, with stop loss of 1.5820  and target price of 1.5700.
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560