FxWirePro: EUR/AUD breaks below 100-DMA at 1.5217, eyes 200-DMA at 1.4982, stay short

• EUR/AUD has broken strong support at 100-DMA at 1.5217, bias lower.
   
• The pair has hit 9-week lows at 1.5155 before paring some losses to currently trade at 1.5170.
   
• The pair is trading with a bearish bias. Upside remains capped at 5-DMA currently at 1.5243.
   
• Technical studies are biased lower. Stochs and RSI are showing bearish momentum.
   
• ADX has edged above 25 and is rising with bearish DMI dominance.
   
• Break below 100-DMA has raised scope for test of next major support at 200-DMA at 1.4982.
   
• On the flipside, breakout at 20-DMA at 1.5340 will invalidate the bearish bias.

Support levels - 1.5094 (50% Fib retrace of 1.4417 to 1.5771 rally), 1.50, 1.4982 (200-DMA), 1.48 (Sept 20 lows)

Resistance levels - 1.5218 (100-DMA), 1.5243 (5-DMA), 1.5340 (20-DMA), 1.5431 (Jan 3 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-recovery-capped-below-5-DMA-at-15283-good-to-go-short-on-decisive-break-below-100-DMA-1090158) is progressing well.

Recommendation: Bias lower. Hold for targets.

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