Posted at 19 March 2024 / Categories Market Roundups
• EUR/AUD climbed on Tuesday as the Australian dollar weakened following the RBA's decision to keep rates unchanged as anticipated.
• The RBA kept rates steady at 4.35%, its highest in 12 years, signaling a slight shift towards a more dovish stance by dropping a warning on future rate hikes.
• At GMT 16:16, the pair was trading up 0.37 percent at 1.6632 ,highest since 6th March.
• From a technical viewpoint, RSI is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily MA’s are trending up.
• Immediate resistance is located at 1.6678 (23.6%fib), any close above will push the pair towards 1.6738(Higher BB).
• Immediate support is seen at 1.6575(38.2%fib) and break below could take the pair towards 1.6477(50%fib).
Recommendation: Good to buy on dips around 1.6620, with stop loss of 1.6560 and target price of 1.6700.