• FxWirePro: EUR/AUD approaches key resistance ,1.6700 in play

    Source: FxWire Pro - Technicals / 26 Feb 2020 12:59:51   America/New_York

    • EUR/AUD hit the highest point since Aug 7th 2019 on Wednesday and is attempting to breach resistance at 1.6626 ( Higher BB). A decisive break closure above   could generate further gains.

    • Any downside correction is likely to be temporary as barrier at 1.6432 (5DMA) is set to restricting lower move.

    • The pair, already trading higher on the day, extended to hit high at 1.6604, a three week high, it was last up 0.77% on the day.

    • Technical signals show   RSI is at 70.05 oversold , daily momentum studies 9, 10 and 11 DMAs are trending upwards.

    • Immediate support is seen at 1.6603 (23.6% fib) and break below could take the pair towards 1.6432 (5DMA).

    Recommendation: Good to buy on dips around 1.6550, with stop loss of 1.6400 and target price of 1.6750.

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