0709 GMT - EUR/AUD may weaken further in the short-term, based on technical charts, says Kelvin Wong, senior market analyst at Oanda, in an email. Recent rebound from Jan. 2 low has stalled at resistance on medium-term descending trendline, which is around 1.6655, Wong says. Also, the daily relative strength index's momentum indicator has moved lower below 65 level and has formed a lower high, which suggest medium-term upside momentum is likely to have dissipated, Wong says. Near-term support is at 1.6475, a break below of which reinforces further possible short-term decline to subsequent supports at 1.6330 and 1.6150, Wong adds. EUR/AUD is down 0.4% at 1.6505.(ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 06, 2024 02:09 ET (07:09 GMT)
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