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  • EUR/AUD is taking the bids at a shade lower than the 1.7000 round-figure during early Asian sessions on Thursday.
  • The EUR/AUD pair struggles with nearly two-week-old upward sloping resistance-line, at 1.6100 now, that portrays a ‘rising wedge’ formation on H4 chart ahead of monthly Australian retail sales and trade balance data.
  • Not only 1.6100 but the 1.6150-60 area comprising December 31 low and January 10 high also becomes an important upside resistance for the buyers to watch.
  • In case prices rally beyond 1.6160, 61.8% Fibonacci retracement level of 1.6320, followed by 1.6400 round-figure, can become bulls’ favorites.
  • Meanwhile, early-month high near 1.6070 can act as immediate support for the quote, a break of which can reprint 1.6000 and 23.6% Fibonacci level of 1.5950 on the chart.
  • However, sellers’ dominance past-1.5950 needs to slide beneath the 1.5920 support-line in order to validate the bearish formation and please sellers with 1.5800 and 1.5720 supports.

EUR/AUD 4-Hour chart

Additional important levels:

Overview:
       Today Last Price:  1.6091
       Today Daily change: 134  pips
       Today Daily change %:  0.84%
       Today Daily Open:  1.5957
Trends:
       Daily SMA20:  1.5926
       Daily SMA50:  1.5962
       Daily SMA100:  1.5892
       Daily SMA200:  1.5873
Levels:
       Previous Daily High:  1.6039
       Previous Daily Low:  1.5948
       Previous Weekly High:  1.6074
       Previous Weekly Low:  1.581
       Previous Monthly High:  1.6061
       Previous Monthly Low:  1.5728
       Daily Fibonacci 38.2%:  1.5983
       Daily Fibonacci 61.8%:  1.6004
       Daily Pivot Point S1:  1.5924
       Daily Pivot Point S2:  1.589
       Daily Pivot Point S3:  1.5833
       Daily Pivot Point R1:  1.6015
       Daily Pivot Point R2:  1.6072
       Daily Pivot Point R3:  1.6106