FxWirePro:EUR/AUD tight ranges prevail as market waits for fresh catalyst

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FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (GBPAUD and GBPJPY) for the day)

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FxWirePro:EUR/AUD tight ranges prevail as market waits for fresh catalyst

Tuesday, May 23, 2023 4:50 PM UTC

• EUR/AUD initially gained on Monday but gave up ground as market waited for fresh catalyst

• Investors stayed cautious on news from DC on debt ceiling talks as the debt ceiling impasse kept risk sentiment fragile.

• Technical signals show the pair could lose more ground as RSI is at 46 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.6279 (14DMA), any close above will push the pair towards 1.6347(38.2%fib).

• Immediate support is seen at 1.6215 (50%fib) and break below could take the pair towards 1.6137 (May 10th low).

Recommendation: Good to sell round 1.6290, with stop loss of 1.6370 and target price of 1.6200

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