EUR/AUD chart - Trading View
- EUR/AUD has shown a breakout at daily daily cloud, intraday bias bullish.
- AUD weakness across the board after poor GDP data and dovish comments from RBA's Lowe support gains.
- The pair has hit 8-week highs at 1.6093 before paring some gains to currently trade at 1.6076.
- Price action has bounced off strong support at 50-DMA and we see weakness only on break below.
- Technical indicators are supporting upside in the pair. Stochs and RSI show bullish momentum and MACD is rising.
- We see scope for gains upto 1.6350 (major trendline). Further upside only on break above.
Support levels - 1.6021 (5-DMA), 1.5954 (50-DMA), 1.5939 (21-EMA)
Resistance levels - 1.6153 (Jan 10 high), 1.6250 (Oct 23 high), 1.6350 (trendline)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
