Market news
17.05.2022, 07:51

EUR/AUD: Resistances at 1.5395 and 1.5542 to cool the upside pressure – DBS Bank

EUR/AUD’s recent recovery from a 1.4321 low ran out of tarmac against the Ichimoku cloud resistance at 1.5273. Unless the cross makes a sustained move over 1.5395 and the 40-week moving average at 1.5542, the bearish underlying from last December’s peak at 1.6827 is intact, Benjamin Wong, Strategists at DBS Bank reports.

EUR/AUD remains under the cosh 

“The cross regained and scaled a 1.5279 high, but the push back lower is clear as the cross ran into an Ichimoku cloud resistance barrier at 1.5273. Against the grain of the mid-March peak at 1.5329, this again sprouts the potential of another pseudo double top. This is signalling that EUR/AUD remains under the cosh until it regains over the next tangible resistance at 1.5395, and the 40-week moving average at 1.5542.”

“The inability to crack cloud resistance at 1.5273 is magnified by the fact that it is a calibrated 50% Fibonacci retracement of the EUR/AUD cross’ decline from 1.6225 into 1.4321 lows (incidentally at the same level of 1.5273).”

 

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Feedback
Live Chat E-mail
Up
Choose your language / location