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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.