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EURAUD Challenges 23.6% Fibo Near 1.6300

EURAUD is testing again the strong resistance around the 23.6% Fibonacci retracement level of the down leg from 1.6825 to 1.6143 at 1.6305, remaining at the same time inside the Ichimoku cloud. The MACD oscillator is flattening near the zero level, while the RSI, although above its 50 neutral mark, is currently pointing down.

Immediate resistance could come from the 1.6305 barrier before the spotlight turns to the 1.6340 hurdle and the 1.6390 number. Higher, the price could hit the 38.2% Fibonacci mark of 1.6403 ahead of the 200-period simple moving average (SMA) currently at 1.6434.

On the other side, a decline could drive the pair until the horizontal 20- and 40-period SMAs, both at 1.6235. Below that, the door would open for the previous low of 1.6187, while lower the bears may challenge the 1.6157-1.6143 area, which encapsulates the two-month low.

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Summarizing, in the broader picture the price continues to show a descending tendency, while in the short-term timeframe, it is framing a neutral outlook. 

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